Seafood Prices Decline, Unrest Spreads to Related Industries in Japan – China’s Total Embargo

According to Bloomberg, the Chinese government’s announcement on September 24th of a total embargo on Japanese marine products has caused a gradual shift in the domestic seafood industry. Fisheries officials have voiced concerns about the prolonged measures and falling fish prices.

A representative of Hashiguchi Suisan, which farms and processes yellowtail and tuna in Nagasaki Prefecture, said that the company exports about one-tenth of its total volume to China, and that the latest measures will result in a loss of sales in the order of hundreds of millions of dollars. He said he hopes the Japanese government will consider a policy to compensate fishermen for the maintenance and other costs involved in holding the fish.

Gen Komori, president of Toyosen, a Tokyo-based trading company specializing in marine products, said that now that exports to China have been cut off, they have no choice but to switch markets to Europe, the United States, and Southeast Asia, “It’s tough and we won’t know until we try. But we have no choice but to do it. Although the company has sales channels outside of China, he said, “I don’t see how a company that only exported to China can do anything about it.

Fisheries analyst Momoro Kodaira pointed out that the Chinese government tightened inspection standards for fresh fish in July, and “in many cases, exports have already been halted. However, this time frozen products will also not be allowed to be exported, and it is said that seasonings and dashi containing fish will also not be allowed to be exported, which will have a significant impact.

As for the future, he said, “We have no choice but to sell what we export to China domestically or to other countries such as Thailand, Vietnam, and Singapore,” which means that competition in other countries will intensify and prices will become lower, “increasing the likelihood that the market price of fish will fall.

According to data posted on the Tokyo Metropolitan Central Wholesale Market website, the mid-price of fresh Aomori tuna at the Toyosu market on January 25 fell 24% from the previous day to 9,383 yen per kilogram.

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