Japanese scallop market recovers, supply exceeds demand

In Tokyo's Toyosu market, the wholesale price of frozen scallops rose to 3,200 to 3,300 yen per kilogram in mid-August, up 30% from the same period last year. This price is close to the level before the Chinese ban and is reflected in fresh fish shops across Japan. The price of sashimi products has also increased by 20% to 30% year-on-year. The rapid recovery of prices is inseparable from the supportive consumption in Japan, especially the promotional activities of the "hometown tax" website and conveyor belt sushi restaurants, which have significantly increased the consumption and expenditure of scallops per household. In the international market, although the ban on the Chinese market is still affecting, the export destinations of Japanese scallops have expanded rapidly. In the first half of 2024, exports to the United States increased by 64%, and exports to Canada, Thailand and Vietnam surged to 7.2 times, 3.5 times and 7.9 times respectively. The depreciation of the yen has ...