TOKYO, Mar 7 (NNN-NHK) – Japan is planning to, at least, double its farm exports to two trillion yen (19 billion U.S. dollars) by 2025, the government said.
Following from its 2025 target, the country is then hoping to see its agriculture, fishery and forestry exports balloon to five trillion yen by 2030, the government said.
The government is planning to boost its farm exports to underpin its agricultural industries, that have suffered from a decline in domestic demand, which is inextricably linked to the nation’s shrinking population.
The plan to boost farm exports is also a major component of Prime Minister, Shinzo Abe’s economic policies, which has seen significant portions of the government’s budget for the fiscal year beginning in Apr, allocated to the cause, and increasing production of Japan’s top exports, such as its “wagyu” beef.
Japanese Chief Cabinet Secretary, Yoshihide Suga, said, Japanese fruits and vegetables are popular in other parts of Asia, thus exports can continue to expand.
In terms of its expanding farm exports, Japan booked 912.1 billion yen (8.6 billion U.S. dollars) in farm exports in 2019, a record high for the seventh successive year, although the figure failed to hit the government’s target of one trillion yen (9.5 billion U.S. dollars).
“We will quickly formulate a plan to achieve this new goal,” Japan’s top government spokesperson said.
Japan not achieving its former target was partly to do with subpar catches of scallop and mackerel for overseas markets at the time, sources close to the matter said.
South Korea’s boycott of Japanese goods and products amid a wartime labour dispute between the two countries also took its toll on overseas exports of farm produce, they said.
Looking ahead, the impact of the coronavirus could also adversely affect Japan’s farm export target, with Japanese farmers already under stiff competition from their overseas counterparts, due to recent trade pacts made.– NNN-NHK
