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Recession in export markets cut into Indonesia's fishery products
While recessions in some developed countries including Japan had caused a decline in Indonesia's fishery exports, the industry saw growth in exports to other markets and had an opportunity to capitalize on several potential markets, a fisheries ministry official said on Tuesday.
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Workers from state-owned fishery company Perum Perindo load octopus for exporting to Japan at the Nizam Zachman fishery port in North Jakarta, in this undated handout photo. (Perum Perindo/Handout)
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ndonesia’s fishery exports were being impacted by recessions in other countries including Japan, a senior official at the Maritime Affairs and Fisheries Ministry said on Tuesday.
Japan is one of Indonesia’s major markets and provides various incentives for its fishery products, such as zero import duty.
"The recession in some developed countries, such as Japan, has had an impact in decreasing imports of fishery products from around the world, including from Indonesia," said Budi Sulistyo, director general of fishery products competitiveness at the ministry, as quoted by cnbcindonesia.com.
Budi said the economic contraction Japan had recorded in the last two quarters could be considered an indication that the country had fallen into a recession.
Japan’s economy contracted 0.4 percent in the last quarter of 2023 and 3.3 percent in the previous quarter.
The recession stripped Japan of its title as the world's third-largest economy, which now belongs to Germany.
Budi also cited data from Japan’s Statistics Bureau, which showed that the average consumption expenditure per family in December was 329,518 yen (US$2.19), down 2.5 percent year-on-year (yoy). Meanwhile, monthly food consumption had decreased 1.3 percent yoy.
