South Korea: Domestic agricultural products export to Japan plummet due to continued low yen phenomenon

Updated Oct 3, 2023
Although agricultural and food exports are showing a strong trend globally, exports to Japan are hardly recovering as the “low yen” phenomenon, in which the value of the Japanese yen is weak, continues.
According to the Ministry of Agriculture, Food and Rural Affairs, as of the 16th of last month, exports of agricultural, forestry and livestock products (provisional) amounted to $6.31 billion, a 0.4% increase from the same month last year. Exports to the US, EU, and UK markets increased by 3.8% and 1.2%, respectively, compared to last year. In particular, China and Russia showed notable growth, with exports increasing by 11.3% and 18.8%, respectively. On the other hand, exports to Japan are sluggish. According to agricultural and food export information from the Korea Agro-Fisheries and Food Trade Corporation (aT), the cumulative export of agricultural, forestry and fisheries products to Japan as of last August was 515,466 tons and $1,484,927,86, down 9.5% and 4.7%, respectively, compared to the same month last year. did. Regarding these results, an aT official explained, “The pressure to increase export prices due to the low Japanese yen and the decrease in profits in the import ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.