Japan's economy collapses, what happens to Indonesian fish exports?

Seafood

Indonesia

Japan

Regulation & Compliances

Market & Price Trends

Published Feb 28, 2024

Tridge summary

Japan's economy, previously the world's third largest, has shrunk for two consecutive quarters, raising concerns about the potential impact on Indonesia's marine and fishery product exports, as Japan is a key market for these goods. The recession could result in a drop in imports. However, there are prospects for increased exports to other markets such as China, the Middle East, and Hong Kong, where Indonesian fishery product exports have been on the rise.

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

Jakarta, CNBC Indonesia - Japan, which was previously the third largest economic power in the world, has now lost its crown. The Sakura country reported contraction for two consecutive quarters. The economy fell 0.4% on an annual basis in the fourth quarter of 2023, previously this country also reported a contraction or minus 3.3% in the third quarter of 2023. So, what about the fate of Indonesia's exports of marine and fishery products to this country? It cannot be denied that Japan is one of the largest markets for Indonesian fishery products. Japan even provides many incentives for Indonesian fishery products, such as exemption from import duties of up to 0%. Director General of Strengthening the Competitiveness of Marine and Fisheries Products (PDSPKP) of the Ministry of Maritime Affairs and Fisheries (KKP) Budi Sulistyo said that contractions for two consecutive quarters could technically be considered an indication that the Japanese economy was in recession. He also said ...

Source: Cnbcindonesia