Against the backdrop of increased volatility in the global supply chain, Japan's frozen scallop exports have shown strong growth, becoming a bright spot in the international aquaculture market. According to the latest statistics, in November 2024, Japan exported a total of 3,365 tons of scallops, a year-on-year surge of 85%, and exports increased by 91% to 7.18 billion yen. Among them, frozen scallop meat and scallop in the shell both achieved substantial growth, injecting strong momentum into the market.

Frozen scallop meat prices hit a new high, and the US market performed well

The data show that the export volume of frozen scallop meat (HS code 030722100) increased by 26% year-on-year, and the value of exports increased by 79% year-on-year. Notably, the average price of frozen scallops soared by 42% to a record high of 3,586 yen ($22.81) per kilogram.

The United States continues to be the main export market for Japanese scallops, with exports to the United States surging 42% in November to 786 tons and exports to 3,244 million yen, a year-on-year surge of 116%. Export prices were also strong, rising 52% year on year to 4,128 yen/kg (~ US $26.2 / kg), well above the December 2023 low of 2,665 yen/kg.

The export volume of shell scallops has soared, and the market diversification trend has emerged

Shell scallop raw materials (HS code 030722900) saw a particularly significant increase in exports, up 313% year-on-year to 1,535 tons, with exports surging 528% to 613 million yen. The average price rose 52 percent to 399 yen (about $2.54) per kilogram. In addition, Japan's exports to Southeast Asian countries such as Thailand and Vietnam have also achieved significant growth, showing the trend of diversification of the market.

It is worth noting that since the Chinese government imposed a total ban on Japanese seafood in August 2023 due to the Fukushima nuclear treatment water discharge incident, Japan's scallop exports to China have been zero since September 2023. However, recent news that China may resume imports in 2025 has raised hopes for an improvement in trade relations between the two countries.

Discussions of the policy change could coincide with a planned summit between China, Japan and South Korea in mid-2025, during which Chinese leaders are likely to visit Japan. This not only helps to promote the recovery of seafood trade, but also reflects China's strategic intention to strengthen relations with major trading partners such as Japan against the backdrop of a complex global situation.