News

Japanese companies are looking for new markets for scallops after the Chinese ban

Frozen Scallop
Seafood
China
Regulation & Compliances
Japan
Market & Price Trends
Published Sep 27, 2023

Tridge summary

The ban imposed by China on Japanese scallop imports has resulted in significantly lower prices and increased inventories for Japanese seafood businesses. Japan's seafood industry heavily relies on China as its largest overseas market, and the ban has created concerns about future developments and the ability to supply products to North America and Europe. In response, some businesses are exploring exporting Japanese scallops to other countries for processing or considering processing scallops themselves with the help of government subsidies.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Since the ban was announced on Aug. 24, Gen Komori, president of Tokyo seafood retailer Housen Co., has received requests for scallops from overseas, but at "incredibly low prices." “I feel like (Japanese businesses are) being robbed,” Komori said. Scallop prices at markets in Hokkaido and three other prefectures have fallen 11 to 27 percent since China imposed the ban, according to a survey by the Fisheries Agency. At Marui Sato Kaisan Co., a seafood processor based in Betsukai, Hokkaido, frozen scallop inventories rose substantially after orders from China, its main export market, dried up in July before the ban was put into effect. “I am concerned about further developments,” said Takeshi Ise, the company’s president. China is the largest overseas market for Japanese seafood, followed by Hong Kong. Last year, Japan exported 83.6 billion yen ($562.9 million) worth of seafood to China. Scallops accounted for 48.9 billion yen, followed by sea cucumbers at 9.8 billion yen. An ...
Source: Fishretail
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