Japanese Demand for Frozen Tuna Fillets Resilient Despite Higher Prices

From June through August 2022, Japanese imports of frozen tuna fillets have remained in the same line as those of the previous year.

During the three-month period, the import volume totaled 10.65 thousand mt, compared to 10.32 thousand mt the year before, reflecting a 3% year-over-year (YoY) increase.

This is significant when contrasted with the fact that the import price for the product has averaged JPY 1,625/kg during June-August 2022, which represents a 21% YoY increase to the average price in June-August 2021.

It's also worth noting that the import quantity during the peak month of the year, April, just before the Golden Week holidays, was 8% higher in 2022 compared to the previous year, at 12.59 thousand mt.

However, for the eight-month period from Jan to Aug 2022, the total imported volume was down by 8%, as there were significant YoY declines in January, March, and May. Despite these differences, imported volume so far in 2022 has virtually followed the same trend compared to the previous year.

Source: Tridge and Japan Customs

Meanwhile, prices for Japanese tuna fillets have also been following a similar trend as 2021, but the gap between both years is still significant.

In August 2022, prices stood at JPY 1,691.5 per kg, up by 17% YoY. The gap between August 2022's figure and August 2021's figure remains close to the average gap between Jan-Aug 2022 and Jan-Aug 2021, which is 24%.

Source: Tridge and Japan Customs

The effect of a higher price and a resilient demand in terms of volume has led to a YoY increase of 16% in imported value in the Jan-Aug 2022 period. Imports totaled JPY 79.76 billion, compared to JPY 68.56 billion in the same period in 2021.

Source: Tridge and Japan Customs

Regarding Japan’s import origins, during Jan-Aug 2022, China held the first spot, which totaled 9.07 thousand mt which was worth JPY 11.93 billion (+11% YoY in volume, +38% YoY in value).

China was followed by South Korea, from which imports totaled 5.36 thousand mt worth JPY 9.23 billion (-26% YoY in volume, -4% YoY in value).

Next was Turkey, from which imports totaled 4.93 thousand mt worth JPY 13.15 billion (+8% YoY in volume, +43% YoY in value).

Fourth in terms of volume but first in terms of value was Malta, from which imports were recorded at 4.85 thousand mt worth JPY 13.47 billion (down 2% YoY in volume but up 30% YoY in value).

Meanwhile, imports from Tunisia totaled 2.88 thousand mt worth JPY 7.57 billion, up by 47% YoY in volume and 95% YoY in value.

Tuna is traditionally consumed in Japan as sashimi, specially during spring (skipjack variety) and in winter. Resilient demand for frozen tuna despite much higher prices could be the result of the easing of the pandemic restrictions this year.