By Ezekiel David
Following China’s import ban on Japanese seafood, Japan is actively pursuing new markets to maintain its export momentum.
Japan’s seafood industry has suffered greatly as a result of the embargo, which was put into place a year ago over worries about radioactive contamination from treated water spilled from the Fukushima nuclear power plant.
We haven’t yet fully compensated for the loss from China in volume, but exports to the U.S., Canada, Thailand and Vietnam are increasing, significantly boosting momentum in alternative markets,’ stated Norihiko Ishiguro, chairman of the Japan External Trade Organisation (JETRO).
The restriction by China has especially harmed Japan’s scallop exports. To lessen the effects, JETRO, a government-backed trade organisation, is attempting to open up new trade routes in Asia, the United States, and Europe.
‘Our intensive promotional efforts have enabled us to redirect 20-30% of the scallop exports lost due to China’s import ban,’ Ishiguro revealed ahead of the one-year anniversary of the Fukushima water release. He remains optimistic about the future of Japanese seafood exports. ‘There is significant growth potential for Japanese seafood exports … it won’t take long to make up for the gap caused by China’s ban,’ he added.
The statistics highlight the challenge Japan faces. In 2022, China was the largest importer of Japanese aquatic products, purchasing 87.1 billion yen ($592 million) worth. This figure plummeted to 61 billion yen in 2023 and a mere 3.5 billion yen in the first half of 2024.
The government has provided JETRO with an extra 5 billion yen in financing to offset this drop. This has sparked more than 170 events worldwide, ranging from Davos to San Francisco, to promote Japanese seafood.
JETRO is looking for new marketing strategies outside of the box. International chefs, buyers, and influencers can now take advantage of first-hand tours of Japan’s fish markets and fisheries thanks to arrangements made by the organisation. In an effort to reduce their dependency on Chinese supply chains, they are also aggressively looking for substitute scallop processing facilities in nations like Mexico and Vietnam.
Ishiguro sees further growth potential in emerging markets like Eastern Europe and the Middle East, highlighting the existence of 2,000 Japanese restaurants in Poland alone. He believes that the weak yen and the resurgence of tourism in Japan will further bolster seafood exports.
(N1 = 0.092 yen)
(Source: Reuters)