Weak yen weighs on Japanese fruit imports

Published 2024년 5월 6일

Tridge summary

In the first quarter of 2024, Japan experienced a significant increase in the cost of imported fruits due to the weakening of the yen, which reached near-historic lows. This led to a 16% increase in the total CIF value of fruit imports to ¥56.58bn, a 14% rise in the average per kilo cost price to ¥166, and a 5% decrease in the total fruit imported in March 2024 compared to the previous year. Bananas and pineapples continued to be the largest fruit import categories, with the Philippines, Ecuador, and Mexico being the top banana suppliers. Vietnam saw a notable increase in its fruit exports to Japan. The quarter also marked a 43% rise in kiwifruit imports, with the majority coming from the US and a smaller portion from New Zealand, which typically increases its exports in larger volumes starting from April.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The weakening of the yen to near-historic lows over recent months has pushed up the cost of imported fruits in the first quarter of 2024, according to analysis of data from Japan’s Ministry of Finance. Japan imported a total of 340,000 tonnes of fresh fruit in the first quarter of 2024, a 1 per cent increase on the 336,000 tonnes imported over the same period in 2023. The total CIF (cost, insurance and freight) value of imports, however, rose by 16 per cent year-on-year to ¥56.58bn. The average per kilo cost price of imported fruit climbed by similar levels, increasing 14 per cent to ¥166 from ¥145 in the first quarter of 2023. On a month-to-month level, Japan imported a total of 127,000 tonnes of fresh fruit in March 2024, down 5 per cent from the 134,000 tonnes imported in March 2023. The average value of imported fruit per kilogram rose to ¥172, an 11 per cent increase compared to ¥155 per kilogram in March 2023. Analysing the data, Jack Moriya, president of major Japanese ...

Source: Fruitnet