The latest figures released by the Japan Ministry of Finance provide insight into current trade patterns playing out between Japan and Chile when it comes to salmon and trout.
The ministry’s latest “Trade Statistics of Japan” report shows import data for customs codes 0304.81 (frozen fillets of salmon) and 0304.82 (frozen fillets of trout) from Chile. Imports of salmon were up 22 percent, 4 percent, and 18 percent in January, February, and March, respectively. Imports of trout, however, started the year 16 percent down in January, before rising dramatically 36 percent in February, and then 57 percent in March. Meanwhile, trout prices declined about 5 percent from January to March.
There was a strong supply of trout from Chile in Japan through March. However, Chile has been reducing harvesting and processing activity since mid-March in order to better protect workers from COVID-19 exposure.
Salmon processor Blumar reported an outbreak at its Talcahuano Plant, in the Biobío region of Central Chile at the end of March and responded by cutting production by half. Santiago-based fisheries company Camanchaca also reported an outbreak at a shrimp factory in early April; it cut output at its factories to 65 percent of capacity. Chilean News outlet Cooperativa reported that an agreement was reached between the government and the salmon industry that workload of the plants would be reduced by 50 percent on the island of Chiloe, the main processing center.
In light of these moves, it is likely that the strong supplies in Q1 will be cut sharply in Q2, once product in cold storage is depleted.
In January 2020, Chile exported 2,988,554 kilograms of frozen salmon fillets to Japan with a value of JPY 3.3 billion (USD 31 million, EUR 28.5 million), making an average value of JPY 1,080 (USD 10.15, EUR 9.37) per kilogram. Frozen trout fillet exports for the month were 1,439,428 kilograms with a value of JPY 1.9 billion (USD 17.8 million, EUR 16.4 million), or JPY 1,308 (12.30, EUR 11.35) per kilogram.
In February, exports were 1,994,791 and 1,466,881 kilograms for salmon and trout, respectively. Import values were JPY 2.2 billion (USD 20.6 million, EUR 19 million) and JPY 1.9 billion (USD 17.8 million, EUR 16.4 million) for an average price of JPY 1,098 (USD 10.32, EUR 9.52) per kilograms for salmon and JPY 1,264 (USD 11.88, EUR 10.96) for trout.
In March, exports were 2,144,376 kilograms of salmon and 2,610,515 kilograms of trout. Salmon was valued at JPY 2.5 billion (USD , EUR ) and trout at JPY 3.2 billion (USD 30 million, EUR 27.7 million) for an average price of JPY 1,164 (USD 10.95, EUR 10.10) for salmon and JPY 1,239 (USD 11.66, EUR 10.79) for trout. Price figures for the frozen salmon fillets may be affected by different ratios of cohos and Atlantics.
Photo courtesy of Chris Loew
