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Japan’s Pacific Cod Imports from Russia Surge 79%, Undermining U.S. Cod Demand

JAPAN
Thursday, December 12, 2024, 06:10 (GMT + 9)

Japan has seen a sharp increase in Pacific cod imports from Russia, which rose by 79% from January to October 2023, according to data from the Japanese Ministry of Finance, as reported by FishRetail.ru.

This surge has significantly impacted the market for U.S. cod, whose imports fell by 17% during the same period.

Key Market Trends

1. Price and Volume Dynamics:

   • The average price of frozen cod was 620 yen/kg (~$4.13), a slight 0.5% decrease from the same period in 2022.
   • Total import volume rose by 42%, reaching 4,071 tons.
   • Russian cod became more competitive, with prices dropping 3% to 593 yen/kg (~$3.94) and import volumes skyrocketing to 3,141 tons, a 79% increase.
   • In contrast, U.S. cod prices increased by 10% to 708 yen/kg (~$4.68), while volumes declined to 929 tons.

2. Shifting Preferences:
   Historically, American cod maintained steady imports exceeding 10,000 tons until 2017. However, cheaper and higher-quality Russian cod, bolstered by the modernization of Russia’s fishing fleet and processing plants, has since dominated the market.

   • In 2019, imports were 6,386 tons for U.S. cod versus 1,992 tons for Russian cod.
   • By 2022, those figures shifted dramatically to 687 tons for U.S. cod and 4,745 tons for Russian cod.

3. Impact of U.S. Restrictions:
   The United States’ tightening of restrictions on seafood imports from Russia in 2023 has exacerbated price differences. Rising domestic prices in the U.S. have further diminished its competitiveness in Japan.

Demand Shifts and Quality Perception

Decreased demand for Japanese domestic cod this year has also contributed to renewed interest in Russian imports. Experts attribute this shift to the quality of Russian products, which benefit from modernized fleets that process and freeze cod directly onboard. This ensures a higher standard that resonates with Japanese consumers, further cementing Russia’s position in the market.

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