The latest data from Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) on the export value of agricultural, forestry, fishery, and food products is indicating the country is on pace to have a record year.
The country's cumulative total value of exports for 2022 through October reached JPY 1.12 trillion (USD 8.2 billion, EUR 7.7 billion), thus far ahead of 2021, which was a record year for exports. Last year, it took until the end of November to break through the JPY 1 trillion (USD 7.3 billion, EUR 6.9 billion) mark.
Japan’s export value in October 2022 was 18.7 percent higher than October 2021, while the cumulative total from January through October 2022 was 15.3 percent higher. A primary contributor to the gains was the weak yen, which resulted in higher values when proceeds from dollar-denominated sales are repatriated.
Notable among fishery products were exports of scallops. Japanese scallop (Patinopecten yessoensis) exports grew JPY 3.3 billion (USD 24 million, EUR 22.6 million), with exports to China and Taiwan rising, while shipments to the Netherlands, a hub of trading into the E.U., declined.
Overall, Japan's exports in its "marine products” segment was strong, reaching JPY 313.7 billion (USD 2.2 billion, EUR 2.1 billion) year-to-date through October, as compared with JPY 240.1 billion (USD 1.7 billion, EUR 1.6 billion) in the same period of 2021. However, cultured pearls are included in the category, and this was an item that saw a big increase, with most of the product going to Hong Kong.
The MAFF report showed export values of fishery products (excluding prepared products) rose 31.6 percent to reach JPY 248.3 billion (USD 1.8 billion, EUR 1.7 billion). Scallop exports were up by 48.8 percent, yellowtail exports rose 39.7 percent and pearl exports rose 36.6 percent, respectively. Mackerel, tuna (including bonito), and Pacific saury exports fell by 14.8, 10.2 and 57.8 percent, respectively. Other species had increases were sardines, up 67.9 percent; sea bream, up 44.9 percent; salmon and trout, up 50 percent; and pollock, up 52.4 percent.
Prepared fishery products exported in the period spanning January through October 2022 were valued at JPY 65.3 billion (USD 478 million, EUR 451 million), up 27.1 percent. Dried sea cucumber exports ramped up 6.7 percent by value. Fishpaste product exports were up 10.5 percent by value. Processed scallop exports grew 88.1 percent, but dried ligaments of scallops (a dried snack often served as a compliment to beer) declined 15.9 percent.
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