Required Report - public distribution

**Date:** 9/30/2005

**GAIN Report Number:** JA5055

JA5055

**Japan**

**Fishery Products**

**Annual Report**

**2005**

**Approved by:**

![](media/image1.wmf)Deanna Ayala

U. S. Embassy

**Prepared by:**

Masaoki Nagahama/Reviewed by Tom Asakawa, Foreign Commercial Service

**Report Highlights:**

Japanese imports of six key fishery product lines \-- salmon and trout,
sockeye salmon, Surimi, cod & pollock roes, Ikura (prepared salmon eggs)
and Sujiko (hard salmon roes) \-- totalled \$2.6 billion or 657,861 tons
in 2004, up 13.5% and 11.9% respectively from the previous year. The
U.S.share of total Japanese imports of these six products was 35%, up
from 33.5% in the previous year making the U.S. Japan\'s dominant
supplier.

Includes PSD Changes: Yes

Includes Trade Matrix: Yes

Annual Report

Tokyo \[JA1\]

\[JA\]

Table of Contents

[Executive Summary 3](#executive-summary)

[Production 4](#production)

[Trade 6](#trade)

[1) Salmon & Trout 7](#salmon-trout)

[2) Sockeye Salmon 8](#sockeye-salmon)

[3) Sujiko (Hard Roes) 9](#sujiko-hard-salmon-roes)

[4) Ikura(Prepared Eggs) 10](#ikuraprepared-salmon-eggs)

[5) Surimi (Ground Fish Meat) 10](#surimi-fish-paste)

[6) Cod & Pollock Roes 12](#cod-pollock-roes)

[PSD Tables & Trade Matrices 13](#psd-tables-trade-matrices)

[1)Salmon, Whole/ Eviscerated 13](#salmon-whole-eviscerated)

[PSD Table (Unit of Measurement: MT)
13](#psd-table-unit-of-measurement-mt)

[Import Trade Matrix (Unit of Measurement: MT)
13](#import-trade-matrix-unit-of-measurement-mt)

[Export Trade Matrix (Unit of Measurement: MT)
14](#export-trade-matrix-unit-of-measurement-mt)

[2) Surimi (Ground Fish Meat) 14](#surimi-fish-paste-1)

[PSD Table (Unit of Measurement: MT)
14](#psd-table-unit-of-measurement-mt-1)

[Import Trade Matrix (Unit of Measurement: MT)
15](#import-trade-matrix-unit-of-measurement-mt-1)

[Export Trade Matrix (Unit of Measurement: MT)
16](#export-trade-matrix-unit-of-measurement-mt-1)

[Marketing 16](#marketing)

# 

# 

# 

# Executive Summary

## As Japan's own domestic fishery production shows signs of consistent weakness, the share of imports in the country's total distribution continues to increase. In 2004, Japan's domestic fishery production totaled 5.73 million metric tons, down 5.8% from the previous year. Imports of six key product lines (i.e. Salmon and Trout, Sockeye Salmon, Surimi (fish paste), Cod & Pollock Roes, Ikura (Prepared Salmon Eggs) and Sujiko (Hard Salmon Roes)) totaled \$2.6 billion, up 13.5% from the previous year, indicating continuing stability and strength of the ever-lively Japanese seafood import market. As Japan's dominant supplier, the U.S. enjoyed a 35% slice of the import market for these six products.

## 

# During the first half of 2005 (January-June), Japanese imports grew 10.3% from the same term last year to total \$1.4 billion, with the U.S. share growing 17.4%. Other leading seafood exporters to Japan during the same period were Chile (20% share), Russia (14% share), China (8% share), Norway (7% share) and Thailand (6% share). All indications are that as China's industrial infrastructure improves her share of Japanese fishery product imports, notably in the area of processed and remanufactured seafood products, will also improve in the years to come. 

# 

# (*Note: The source of Japanese industry statistics used in this report is the Ministry of Agriculture, Forestry and Fisheries (MAFF), and trade statistics are sourced from Japanese customs data, as extracted from the World Trade Atlas data base.* ) 

# 

# Production

Japanese seafood production is reportedly on the decline overall. The
latest report from the Ministry of Agriculture, Forestry and Fisheries
indicates that seafood production in 2004 was down to 5.14 million tons
from 5.49 million tons in 2003 due to weather related factors.

The National Research Institute of Fisheries Engineering has published a
report that claims some of Japan's fish catches may decline by as much
as 30-70% in certain areas due to the effects of global warming. The
report also forecasts that certain areas will see a boost in production
of some species, such as oysters in Hokkaido. (For the Japanese text,
please refer to: <http://www.nria.affrc.go.jp/hakko-e.html>)

According to the data, Japanese ocean fishery and mariculture production
volume at sea in 2004 totaled 5.73 million metric tons (mmt), down 5.8%
from the previous year. 98% or 5.63 mmt of the total production
consisted of the seawater fishery, with the remainder of production
volume (2% or 106,000 tons) came from fresh water fishing and fresh
water aquaculture. Fresh water fishery and aquaculture production
decreased 3.3% in volume from the previous year, as shown in the
following table.

  ----------------------------------- ------------------------- ------------------------- ------------------------ -------------------------
  [**Japan\'s Fishery Production                                                                                   
  Summary** (Unit:                                                                                                 
  000MT)]{.underline}                                                                                              

                                                                                          [Change                  
                                                                                          (04/03)]{.underline}     

  [Sector]{.underline}                [2003]{.underline}        [2004]{.underline}        [By Volume]{.underline}  [By %]{.underline}

  **[Total Volume]{.underline}**      **[6,083]{.underline}**   **[5,733]{.underline}**   **[-350]{.underline}**   **[-5.8%]{.underline}**

  Ocean & Hatchery Fishing            5,973                     5,627                     -346                     -5.8%

  -Ocean Fishery                      4,722                     4,411                     -311                     -6.6%

  (Distant Water Fishing)             \(602\)                   \(528\)                   (-74)                    (-12.3%)

  (Offshore Fishing)                  (2,543)                   (2,369)                   (-174)                   (-6.8%)

  (Coastal Fishing)                   (1,577)                   (1,513)                   (-64)                    (-4.1%)

  -Mariculture                        1,251                     1,216                     -35                      -2.8%

  Inland Water & Aquaculture Fishery  110                       106                       -4                       -3.3%

  -Inland Water Fishing               60                        61                        +1                       +1.2%

  -Inland Water Aquaculture Fishing   50                        46                        -4                       -8.8%
  ----------------------------------- ------------------------- ------------------------- ------------------------ -------------------------

> (Source: Ministry of Agriculture, Forestry & Fisheries; MAFF)

Of the total volume of ocean fishery production in 2004 (5,627,000
tons), seawater fishing operations (4,411,000 tons) alone accounted for
78% of the total, with mariculture (1,216,000 tons) accounting for 22%.
76% or 3,336,000 tons of the seawater fishery production in 2004
consisted of more than 55 specific fish species, of which the salmon and
trout share accounted for 7.7% and various tuna species for 7.5%, as
shown in the tables below.

  ------------------------------- ------------------------- ------------------------- ------------------------ -------------------------
  [**Seawater Fishery Production                                                                               
  Summary**                                                                                                    
  (Unit:000MT)]{.underline}                                                                                    

                                                                                      [Change                  
                                                                                      (04/03)]{.underline}     

  [Species]{.underline}           [2003]{.underline}        [2004]{.underline}        [By Volume]{.underline}  [By %]{.underline}

  **[Total Volume]{.underline}**  **[4,722]{.underline}**   **[4,411]{.underline}**   **[-311]{.underline}**   **[-6.6%]{.underline}**

  Fish (-at least 55 species)     3,506                     3,336                     -170                     -4.8%

  Prawns & Lobsters               26                        24                        -2                       -7.7%

  Crabs                           34                        33                        -1                       -2.9%

  Shellfish / Clams               441                       410                       -31                      -7%

  Cuttlefish / Squids             386                       333                       -53                      -13.7%

  Octopus                         61                        54                        -7                       -11.5%

  Sea Urchin                      13                        13                        0                        100%

  Trepang                         9                         9                         0                        100%

  Seaweed / Marine Plants         111                       114                       +3                       +2.7%

  [Others]{.underline}            [135]{.underline}         [85]{.underline}          [　　 -]{.underline}     [-]{.underline}
  ------------------------------- ------------------------- ------------------------- ------------------------ -------------------------

+---------------------------+------+------+--------------+-----------+
| **[Salmon & Trout         |      |      |              |           |
| Production                |      |      |              |           |
| (000MT)]{.underline}**    |      |      |              |           |
+---------------------------+------+------+--------------+-----------+
|                           |      |      | [Change      |           |
|                           |      |      | (04/03)]     |           |
|                           |      |      | {.underline} |           |
+---------------------------+------+------+--------------+-----------+
| [Species]{.underline}     | [2   | [2   | ####         | [By       |
|                           | 003] | 004] | ## By Volume | %]{.u     |
|                           | {.un | {.un |              | nderline} |
|                           | derl | derl |              |           |
|                           | ine} | ine} |              |           |
+---------------------------+------+------+--------------+-----------+
| **[Total                  | *    | *    | **[-29]{.    | **[-10    |
| Volume:]{.underline}**    | *[28 | *[25 | underline}** | .1%]{.und |
|                           | 7]{. | 8]{. |              | erline}** |
|                           | unde | unde |              |           |
|                           | rlin | rlin |              |           |
|                           | e}** | e}** |              |           |
+---------------------------+------+------+--------------+-----------+
| Salmon                    | 264  | 245  | -19          | -7.2%     |
+---------------------------+------+------+--------------+-----------+
| [Trout]{.underline}       | [23] | [13] | [-10]        | [-        |
|                           | {.un | {.un | {.underline} | 43.5%]{.u |
|                           | derl | derl |              | nderline} |
|                           | ine} | ine} |              |           |
+---------------------------+------+------+--------------+-----------+
| **[Tuna Production        |      |      |              |           |
| (000MT)]{.underline}**    |      |      |              |           |
+---------------------------+------+------+--------------+-----------+
| [Over 6 tuna              | [    | [    | [-1]         | [         |
| species]{.underline}      | 251] | 250] | {.underline} | -0.4%]{.u |
|                           | {.un | {.un |              | nderline} |
|                           | derl | derl |              |           |
|                           | ine} | ine} |              |           |
+---------------------------+------+------+--------------+-----------+

In the Japanese traditional secondary fishery products sector, 2,129,597
tons of processed seafood were produced in 2004. In addition, 1,628,978
tons of fresh or frozen seafood was produced.

  ------------------------- ----------------------------- ----------------------------- ------------------------ ----------------------
  [**Secondary Conversions                                                                                       
  of Fishery Products**                                                                                          
  (Unit: MT)]{.underline}                                                                                        

                                                                                        [Change                  
                                                                                        (04/03)]{.underline}     

  [Secondary                [2003]{.underline}            [2004]{.underline}            [By Volume]{.underline}  [By %]{.underline}
  Product]{.underline}                                                                                           

  **[Total                  **[2,129,166]{.underline}**   **[2,129,597]{.underline}**   **[+431]{.underline}**   **[0%]{.underline}**
  Volume:]{.underline}**                                                                                         

  Fish paste / cakes        658,293                       660,322                       +2,029                   0%

  Frozen foods              319,582                       303,236                       -16,346                  -5%

  Dried seafood             346,680                       332,872                       -13,808                  -4%

  Salted seafood            208,947                       218,396                       +9,449                   +5%

  Smoked seafood            12,848                        13,037                        +189                     +1%

  Other dried/sliced fish   110,770                       109,839                       -931                     -1%

  [Other                    [472,046]{.underline}         [491,895]{.underline}         [+19,849]{.underline}    [+4%]{.underline}
  processing]{.underline}                                                                                        
  ------------------------- ----------------------------- ----------------------------- ------------------------ ----------------------

# 

# Trade

Japan remains a major importer of seafood in order to meet its domestic
needs. In 2004, Japan's combined imports of six key fishery product
lines (i.e. Salmon & Trout, Cod & Pollock Roes, Surimi, Sockeye Salmon,
Ikura (Prepared Salmon Eggs) and Sujiko (Hard Salmon Roes)) totaled
\$2.6 billion, up 13.5% from the previous year. The total tonnage
imported in 2004 was 657,861 tons, up 11.9% from the previous year.
Among those six key products, imports show a consistent increase, year
on year. Of particular note are imports of salmon and Surimi, which were
up roughly 11 and 15 percent, respectively, between 2003 and 2004. U.S.
sales of sockeye salmon, likewise, were up significantly.

With respect to total imports of the above-mentioned six products, 2004
U.S. seafood imports accounted for 35% of the market in value terms, up
a strong 18.5% from the previous year. In terms of tonnage, U.S. imports
totaled 232,185 tons accounting for 35.5% of total Japanese import
volume, growing 24% from the previous year. In the aggregate, Chile,
Russia, Norway, China and Thailand stand out as major competitors to the
U.S. supremacy, as shown in the tables below. However, the competitive
positions of Japan's major suppliers varies by product line, as shown in
each of the subsequent tables below by product line for the full-year
(2004/2003) and half-year (Jan.-June: 2005/2004) updated comparison.

  ------------------------ ------------- ------------- ------------ --------------- --------------- ------------
  **The U.S. Market Share                                                                           
  Vs. Competition IN                                                                                
  japan's seafood                                                                                   
  imports**                                                                                         

  Period: Calendar Year    Quantity (MT)               \% Change    \$ Value                        \% Change
                                                                    (US\$000)                       

  Product Line             CY 2003       CY 2004       2004/2003    CY 2003         CY 2004         2004/2003

  1\) Salmon & Trout       215,521       239,545       +11.1%       875,267         959,721         +9.6%

  2\) Cod & Pollock        46,911        48,603        +3.6%        575,724         690,803         +20.0%
  (Tarako)                                                                                          

  3\) Surimi (Ground Fish  269,174       309,392       +14.9%       514,215         590,951         +14.9%
  Meat)                                                                                             

  4\) Sockeye Salmon       47,546        51,525        \+ 8.4%      205,548         234,959         \+ 14.3%

  5\) Ikura (Prepared      4,224         4,474         +5.9%        63,983          74,291          +16.1%
  Eggs)                                                                                             

  6\) Sujiko (Hard Roes)   4,632         4,322         -6.7%        56,205          50,420          -10.3%

  **Total Volume:**        **588,008**   **657,861**   **+11.9%**   **2,290,942**   **2,601,145**   **+13.5%**

  ***Market Share:***      ***100%***    ***100%***    *** ***      ***100%***      ***100%***      * *

  **1) U.S. Share:**       CY 2003       CY 2004       \% Change    CY 2003         CY 2004         \% Change

  1\) Cod & Pollock Roe    23,815        23,684        -0.5%        283,028         323,148         +14.2%
  (Tarako)                                                                                          

  2\) Surimi (Fish Paste)  103,266       138,407       +34.0%       184,296         238,811         +29.6%

  3\) Salmon & Trout       28,374        32,672        \+ 15.2%     114,323         138,689         \+ 21.3%

  4\) Sockeye Salmon       24,885        30,980        \+ 24.5%     100,470         127,742         +27.1%

  5\) Ikura (Prepared      3,386         3,155         -6.8%        50,612          53,076          +4.9%
  Salmon Eggs)                                                                                      

  6\) Sujiko (Hard Salmon  3,456         3,287         -4.9%        35,055          28,209          -19.5%
  Roes)                                                                                             

  **Total Volume:**        **187,182**   **232,185**   **+24.0%**   **767,784**     **909,675**     **+18.5%**

  ***Market Share:***      ***31.8%***   ***35.5%***   *** ***      ***33.5%***     ***35.0%***     *** ***

  **Major Competitors\'    CY 2003       CY 2004       \% Change    CY 2003         CY 2004         \% Change
  Shares:**                                                                                         

  2\) Chile: Volume(MT)    102,905       132,677       +28.9%       362,946         436,034         +20.1%

  ***Market Share***       ***17.5%***   ***20.2%***   ***-***      ***15.8%***     ***16.7%***     ***-***

  3\) Russia: Volume(MT)   61,828        58,213        -5.8%        344,627         403,125         +16.9%

  ***Market Share***       ***10.5%***   ***8.8%***    ***-***      ***15.0%***     ***15.5%***     \-

  4\) Norway: Volume(MT)   48,604        43,823        -9.8%        224,831         224,334         0%

  ***Market Share***       ***8.3%***    ***6.7%***    *** ***      ***9.8%***      ***8.6%***      *** ***

  5\) China: Volume(MT)    23,381        28,916        +23.7%       157,668         197,830         +25.5%

  ***Market Share***       ***4.0%***    ***4.4%***    *** ***      ***6.9%***      ***7.6%***      ***-***

  6\) Thailand: Volume(MT) 95,696        81,144        -15.2%       169,184         142,846         -15.6%

  ***Market Share***       ***16.3%***   ***12.3%***   ***-***      ***7.4%***      ***5.5%***      ***-***
  ------------------------ ------------- ------------- ------------ --------------- --------------- ------------

## 1) Salmon & Trout

  ------------------------ --------------------------- --------------------------- -------------------------- --------------------------- --------------------------- -------------------------
                                                       **[Salmon & Trout Imports                                                                                      
                                                       into Japan]{.underline}**                                                                                      

                           [Quantity (MT)]{.underline}                             [% Change]{.underline}     [\$ Value                                               [% Change]{.underline}
                                                                                                              (US\$000)]{.underline}                                  

  [From:]{.underline}      [CY 2003]{.underline}       [CY 2004]{.underline}       [2004/2003]{.underline}    [CY 2003]{.underline}       [CY 2004]{.underline}       [2004/2003]{.underline}

  **[The                   **[215,521]{.underline}**   **[239,545]{.underline}**   **[+11.1%]{.underline}**   **[875,267]{.underline}**   **[959,721]{.underline}**   **[+9.6%]{.underline}**
  World:]{.underline}**                                                                                                                                               

  1\) Chile                93,355                      122,617                     \+ 31.3%                   340,199                     412,522                     \+ 21.3%

  2\) Norway               47,987                      43,003                      \- 10.4%                   221,394                     219,493                     \- 0.9%

  **3) U.S.A.**            **28,374**                  **32,672**                  **+ 15.2%**                **114,323**                 **138,689**                 **+ 21.3%**

  4\) Russia               27,279                      25,128                      \- 7.9%                    113,816                     108,893                     \- 4.3%

  5\) Canada               4,458                       6,645                       \+ 49.1%                   23,922                      33,007                      \+ 37.9%

  6\) Denmark              5,868                       3,436                       \- 41.5%                   20,134                      13,580                      \- 32.5%

  7\) New Zealand          3,610                       3,168                       \- 12.2%                   16,573                      16,362                      \- 1.3%

  8\) U. K.                2,653                       1,587                       \- 40.2%                   14,887                      9,657                       \- 35.1%

  9\) Australia            420                         848                         \+ 101.9%                  2,586                       5,726                       \+ 121.4%

  [10)China]{.underline}   [467]{.underline}           [336]{.underline}           [- 28.0%]{.underline}      [2,055]{.underline}         [1,361]{.underline}         [- 33.8%]{.underline}

  **Combined Total:**      **214,471**                 **239,440**                 **+ 11.6%**                **869,889**                 **959,290**                 **+ 10.3%**

  **[Combined              **[99.5%]{.underline}**     **[100.0%]{.underline}**    **[　]{.underline}**       **[99.4%]{.underline}**     **[100.0%]{.underline}**    **[　]{.underline}**
  %Share]{.underline}**                                                                                                                                               
  ------------------------ --------------------------- --------------------------- -------------------------- --------------------------- --------------------------- -------------------------

  ---------------------------- --------------------------- --------------------------- ------------------------- --------------------------- --------------------------- -------------------------
  **[Salmon & Trout Imports                                                                                                                                              
  into Japan : 6-month Update                                                                                                                                            
  (Jan.-Jun.)]{.underline}**                                                                                                                                             

                               [Quantity (MT)]{.underline}                             [% Change]{.underline}    [\$ Value                                               [% Change]{.underline}
                                                                                                                 (US\$000)]{.underline}                                  

  [From:]{.underline}          [CY 2004]{.underline}       [CY 2005]{.underline}       [2005/2004]{.underline}   [CY 2004]{.underline}       [CY 2005]{.underline}       [2005/2004]{.underline}

  **[The World:]{.underline}** **[122,100]{.underline}**   **[103,240]{.underline}**   **[- 15.4%]{.underline}** **[447,253]{.underline}**   **[430,535]{.underline}**   **[- 3.7%]{.underline}**

  1\) Chile                    91,819                      73,529                      \- 19.9%                  296,542                     272,313                     \- 8.2%

  2\) Norway                   20,585                      17,827                      \- 13.4%                  103,964                     98,933                      \- 4.8%

  **3) U.S.A.**                **1,431**                   **3,737**                   **+ 161.1%**              **6,787**                   **17,019**                  **+ 150.7%**

  4\) Canada                   1,837                       2,602                       +41.7%                    9,208                       13,412                      \- 45.7%

  5\) Russia                   1,538                       1,766                       +14.9%                    6,873                       8,898                       \+ 29.5%

  6\) Denmark                  1,802                       1,517                       \- 15.8%                  6,780                       6,776                       \- 0.1%

  7\) New Zealand              1,631                       955                         \- 41.5%                  8,423                       5,262                       \- 37.5%

  8\) U.K.                     927                         588                         \- 36.6%                  5,672                       3,698                       \- 34.8%

  9\) Australia                286                         508                         \+ 77.7%                  1,995                       3,383                       \+ 69.6%

  [10) China]{.underline}      [204]{.underline}           [197]{.underline}           [- 3.5%]{.underline}      [0.8]{.underline}           [0.7]{.underline}           [- 10.9%]{.underline}

  **Combined Total:**          **122,060**                 **103,226**                 **- 15.4%**               **446,244**                 **429,694**                 **- 3.7%**

  **[Combined                  **[99.9%]{.underline}**     **[99.9%]{.underline}**     **[ ]{.underline}**       **[99.7%]{.underline}**     **[99.8%]{.underline}**      
  %Share]{.underline}**                                                                                                                                                  
  ---------------------------- --------------------------- --------------------------- ------------------------- --------------------------- --------------------------- -------------------------

  ---------------------------- -------------------------- -------------------------- ------------------------- -------------------------- -------------------------- -------------------------
  **[Salmon & Trout Exports                                                                                                                                          
  from Japan]{.underline}**                                                                                                                                          

                               [Quantity                                             [% Change]{.underline}    [\$ Value                                             [% Change]{.underline}
                               (MT)]{.underline}                                                               (US\$000)]{.underline}                                

  [To:]{.underline}            [CY 2003]{.underline}      [CY 2004]{.underline}      [2004/2003]{.underline}   [CY 2003]{.underline}      [CY 2004]{.underline}      [2004/2003]{.underline}

  **[The World:]{.underline}** **[63,899]{.underline}**   **[61,361]{.underline}**   **[- 3.9%]{.underline}**  **[66,786]{.underline}**   **[84,710]{.underline}**   **[+ 26.8%]{.underline}**

  1\) China                    52,685                     50,523                     \- 4.1%                   54,762                     70,162                     \+ 28.1%

  2\) Thailand                 4,602                      5,675                      \+ 23.3%                  5,372                      7,146                      \+ 33.0%

  3\) Korea, South             1,763                      2,168                      \+ 22.9%                  1,589                      3,137                      \+ 97.5%

  4\) Taiwan                   3,563                      2,050                      \- 42.5%                  3,639                      2,853                      \- 21.6%

  5\) Russia                   410                        492                        \+ 19.8%                  0.454                      0.515                      \+ 13.5%

  6\) Vietnam                  79                         153                        \+ 94.0%                  0.200                      0.308                      \+ 54.4%

  7\) Lithuania                575                        125                        \- 78.3%                  0.482                      0.070                      \- 85.4%

  8\) Canada                   0                          87                         0%                        0.000                      0.336                      0%

  9\) Philippines              0                          49                         0%                        0.000                      0.050                      0%

  10)Hong Kong                 99                         36                         \- 64.2%                  0.111                      0.104                      \- 6.8%

  11)Singapore                 1                          1                          \+ 5.8%                   0.010                      0.013                      \+ 36.4%

  **12)U.S.A.**                **24**                     **1**                      **- 96.9%**               **0.033**                  **0.011**                  **- 66.4%**

  [13)Indonesia]{.underline}   [24]{.underline}           [1]{.underline}            [- 95.8%]{.underline}     [0.045]{.underline}        [0.006]{.underline}        [- 87.5%]{.underline}

  **Combined Total:**          **63,825**                 **61,361**                 **- 3.8%**                **65,363**                 **83,299**                 **+27.4%**

  **[Combined                  **[99.8%]{.underline}**    **[100%]{.underline}**     **[ ]{.underline}**       **[97.8%]{.underline}**    **[98.3%]{.underline}**     
  %Share]{.underline}**                                                                                                                                              
  ---------------------------- -------------------------- -------------------------- ------------------------- -------------------------- -------------------------- -------------------------

  ---------------------------- ------------------------- -------------------------- ------------------------- ------------------------- -------------------------- -------------------------
                                                                                                                                                                    

  **[Salmon & Trout Exports                                                                                                                                        
  from Japan: 6-month Update                                                                                                                                       
  (Jan.-Jun.)]{.underline}**                                                                                                                                       

                               [Quantity                                            [% Change]{.underline}    [\$ Value                                            [% Change]{.underline}
                               (MT)]{.underline}                                                              (US\$000)]{.underline}                               

  [To:]{.underline}            [CY 2004]{.underline}     [CY 2005]{.underline}      [2005/2004]{.underline}   [CY 2004]{.underline}     [CY 2005]{.underline}      [2005/2004]{.underline}

  **[The World:]{.underline}** **[9,880]{.underline}**   **[15,447]{.underline}**   **[+ 56.3%]{.underline}** **[9,715]{.underline}**   **[21,121]{.underline}**   **[+
                                                                                                                                                                   117.4%]{.underline}**

  1\) China                    7,153                     12,944                     \+ 80.9%                  6,369                     17,292                     \+ 171.5%

  2\) Thailand                 1,766                     1,314                      \- 25.6%                  2,122                     1,891                      \- 10.9%

  3\) Taiwan                   163                       482                        \+ 195.5%                 0.173                     0.536                      \+ 209.1%

  4\) Korea, South             208                       418                        \+ 100.8%                 0.267                     1.010                      \+ 278.45

  5\) Vietnam                  45                        222                        \+ 399.3%                 0.112                     0.283                      \+ 152.55

  6\) Russia                   328                       63                         \- 80.9%                  0.339                     0.080                      \- 76.4%

  7\) Hong Kong                4                         3                          \- 38.9%                  0.029                     0.021                      \- 29.1%

  **8) U.S.A.**                **0.342**                 **0.446**                  **; 30.4%**               **0.005**                 **0.007**                  **+ 33.7%**

  9\) Singapore                0.207                     0.160                      \- 22.7%                  0.004                     0.002                      \- 44.9%

  10)Philippines               48                        0                          \- 100%                   0.048                     0                          \- 100%

  [11)Indonesia]{.underline}   [0.400]{.underline}       [0]{.underline}            [- 100%]{.underline}      [0.003]{.underline}       [0]{.underline}            [- 100%]{.underline}

  **Combined Total:**          **9,716**                 **15,447**                 **58.9%**                 **8,492**                 **19,185**                 **125.9%**

  **[Combined                  **[98.3%]{.underline}**   **[100%]{.underline}**     **[ ]{.underline}**       **[87.4%]{.underline}**   **[90.8%]{.underline}**    ** **
  %Share]{.underline}**                                                                                                                                            
  ---------------------------- ------------------------- -------------------------- ------------------------- ------------------------- -------------------------- -------------------------

## 2) Sockeye Salmon

## 

  ----------------------- -------------------------- -------------------------- ------------------------- --------------------------- --------------------------- -------------------------
  **[Japan\'s Imports of                                                                                                                                          
  Sockeye Salmon                                                                                                                                                  
  \*]{.underline}**                                                                                                                                               

  (Period: Calendar Yr.)  [Quantity                                             [% Change]{.underline}    [\$ Value                                               [% Change]{.underline}
                          (MT)]{.underline}                                                               (US\$000)]{.underline}                                  

  [From:]{.underline}     [CY 2003]{.underline}      [CY 2004]{.underline}      [2004/2003]{.underline}   [CY 2003]{.underline}       [CY 2004]{.underline}       [2004/2003]{.underline}

  **[The                  **[47,546]{.underline}**   **[51,525]{.underline}**   **[+ 8.4%]{.underline}**  **[205,548]{.underline}**   **[234,959]{.underline}**   **[+ 14.3%]{.underline}**
  World:]{.underline}**                                                                                                                                           

  **1) U.S.A.**           **24,885**                 **30,980**                 **+ 24.5%**               **100,470**                 **127,742**                 **+27.1%**

  2\) Russia              20,892                     18,827                     \- 9.9%                   95,070                      95424                       \+ 0.4%

  3\) Canada              1,644                      1,691                      \+ 2.8%                   9,461                       11,694                      \+ 23.6%

  4\) Chile               0                          21                         0                         0                           0.073                       0

  [5)                     [70]{.underline}           [6]{.underline}            [- 91.6%]{.underline}     [0.400]{.underline}         [0.027]{.underline}         [- 93.4%]{.underline}
  Thailand]{.underline}                                                                                                                                           

  **Combined Total:**     **47,491**                 **51,525**                 **+ 8.5%**                **205,001**                 **234,860**                 **+ 14.6%**

  **[Combined             **[99.9%]{.underline}**    **[100%]{.underline}**     **[ ]{.underline}**       **[99.7%]{.underline}**     **[99.9%]{.underline}**      
  %Share]{.underline}**                                                                                                                                           

                          \* Excludes livers, roes                                                                                                                
                          and frozen imports.                                                                                                                     
  ----------------------- -------------------------- -------------------------- ------------------------- --------------------------- --------------------------- -------------------------

  ------------------------- ------------------------- ------------------------- ------------------------- -------------------------- -------------------------- -------------------------
  **[Japan\'s Imports of                                                                                                                                        
  Sockeye Salmon                                                                                                                                                
  \*]{.underline}**                                                                                                                                             

  [(Period:                 [Quantity                                           [% Change]{.underline}    [\$ Value                                             [% Change]{.underline}
  Jan.-Jun.)]{.underline}   (MT)]{.underline}                                                             (US\$000)]{.underline}                                

  [From:]{.underline}       [CY 2004]{.underline}     [CY 2005]{.underline}     [2005/2004]{.underline}   [CY 2004]{.underline}      [CY 2005]{.underline}      [2005/2004]{.underline}

  **[The                    **[2,712]{.underline}**   **[4,376]{.underline}**   **[+ 61.4%]{.underline}** **[11,952]{.underline}**   **[20,831]{.underline}**   **[+ 74.3%]{.underline}**
  World:]{.underline}**                                                                                                                                         

  **1) U.S.A.**             **1,206**                 **3,023**                 **+ 150.6%**              **5,121**                  **13,359**                 **+ 160.8%**

  2\) Russia                1,322                     1,207                     \- 9.4%                   6,105                      6,793                      \+ 11.27%

  3\) Canada                168                       105                       \- 37.1%                  0.7                        0.4                        \- 35.9%

  4\) China                 0                         41                        0                         0                          0                          0%

  [5) Thailand]{.underline} [6]{.underline}           [0]{.underline}           [- 100%]{.underline}      [0]{.underline}            [0]{.underline}            [- 100%]{.underline}

  **Combined Total:**       **2,702**                 **4,376**                 **+ 61.9%**               **11,227**                 **20,153**                 **+ 79.5%**

  **[Combined               **[99.6%]{.underline}**   **[100%]{.underline}**    **[ ]{.underline}**       **[93.9%]{.underline}**    **[96.7%]{.underline}**     
  %Share]{.underline}**                                                                                                                                         

                            \* Excludes livers, roes                                                                                                            
                            and frozen imports.                                                                                                                 
  ------------------------- ------------------------- ------------------------- ------------------------- -------------------------- -------------------------- -------------------------

## 

## 3) Sujiko (Hard Salmon Roes)

  ------------------------ ------------------------- ------------------------- ------------------------- -------------------------- -------------------------- --------------------------
  **[Sujiko (Hard Salmon                                                                                                                                       
  Roe) Imports into                                                                                                                                            
  Japan]{.underline}**                                                                                                                                         

                           [Quantity                                           [% Change]{.underline}    [\$ Value                                             [% Change]{.underline}
                           (MT)]{.underline}                                                             (US\$000)]{.underline}                                

  [From:]{.underline}      [CY 2003]{.underline}     [CY 2004]{.underline}     [2004/2003]{.underline}   [CY 2003]{.underline}      [CY 2004]{.underline}      [2004/2003]{.underline}

  **[The                   **[4,632]{.underline}**   **[4,322]{.underline}**   **[-6.7%]{.underline}**   **[56,205]{.underline}**   **[50,420]{.underline}**   **[-10.3%]{.underline}**
  World:]{.underline}**                                                                                                                                        

  **1) U.S.A.**            **3,456**                 **3,287**                 **-4.9%**                 **35,055**                 **28,209**                 **-19.5%**

  2\) Denmark              729                       777                       +6.6%                     14,826                     18,075                     +21.9%

  3\) Finland              177                       80                        -55.0%                    3,235                      1,882                      -41.8%

  4\) Canada               135                       77                        -42.9%                    978                        645                        -34.0%

  5\) Norway               43                        35                        -17.8%                    787                        712                        -9.6%

  6\) Russia               68                        30                        -56.4%                    1,099                      481                        -56.2%

  7\) Chile                18                        21                        +14.6%                    153                        170                        +11.0%

  8\) China                0                         10                        0%                        0                          157                        0%

  [9)                      [6]{.underline}           [5]{.underline}           [-11.9%]{.underline}      [71]{.underline}           [84]{.underline}           [+17.9%]{.underline}
  Australia]{.underline}                                                                                                                                       

  **Combined Total:**      **4,632**                 **4,322**                 **-6.7%**                 **56,204**                 **50,415**                 **-10.3%**

  **[Combined              **[100%]{.underline}**    **[100%]{.underline}**    **[ ]{.underline}**       **[99.9%]{.underline}**    **[99.9%]{.underline}**    ** **
  %Share]{.underline}**                                                                                                                                        
  ------------------------ ------------------------- ------------------------- ------------------------- -------------------------- -------------------------- --------------------------

  ---------------------------- ------------------------ ------------------------- --------------------------- -------------------------- -------------------------- --------------------------
  **[Sujiko (Hard Salmon Roe)                                                                                                                                       
  Imports into Japan: 6-month                                                                                                                                       
  Update                                                                                                                                                            
  (Jan.-Jun.)]{.underline}**                                                                                                                                        

                               [Quantity                                          [% Change]{.underline}      [\$ Value                                             [% Change]{.underline}
                               (MT)]{.underline}                                                              (US\$000)]{.underline}                                

  [From:]{.underline}          [CY 2004]{.underline}    [CY 2005]{.underline}     [2005/2004]{.underline}     [CY 2004]{.underline}      [CY 2005]{.underline}      [2005/2004]{.underline}

  **[The World:]{.underline}** **[926]{.underline}**    **[1,096]{.underline}**   **[+18.41%]{.underline}**   **[18,190]{.underline}**   **[23,709]{.underline}**   **[+30.3%]{.underline}**

  1\) Denmark                  612                      803                       +31.3%                      13,763                     18,941                     +37.6%

  **2) U.S.A.**                **190**                  **158**                   **+17.0%**                  **2,163**                  **2,184**                  **+0.9%**

  3\) Finland                  68                       74                        +8.9%                       1,559                      1,649                      +5.8%

  4\) Norway                   20                       43                        +122.1%                     362                        724                        +100%

  5\) Chile                    21                       11                        -47.6%                      170                        118                        -30.6%

  6\) China                    0                        4                         0%                          0                          71                         0%

  7\) Canada                   10                       2                         -75.6%                      89                         22                         -74.8%

  [8) Australia]{.underline}   [5]{.underline}          [0]{.underline}           [-100%]{.underline}         [84]{.underline}           [0]{.underline}            [-100%]{.underline}

  **Combined Total:**          **926**                  **1095**                  **18.3%**                   **18,190**                 **23,709**                 **30.9%**

  **[Combined                  **[100%]{.underline}**   **[99.9%]{.underline}**   **[ ]{.underline}**         **[100%]{.underline}**     **[100%]{.underline}**     ** **
  %Share]{.underline}**                                                                                                                                             
  ---------------------------- ------------------------ ------------------------- --------------------------- -------------------------- -------------------------- --------------------------

## 

## 4) Ikura(Prepared Salmon Eggs)

  ----------------------- ------------------------- ------------------------- ------------------------- -------------------------- -------------------------- --------------------------
  **[Ikura (Prepared                                                                                                                                          
  Salmon Egg) Imports                                                                                                                                         
  into                                                                                                                                                        
  Japan]{.underline}**                                                                                                                                        

                          [Quantity                                           [% Change]{.underline}    [\$ Value                                             [% Change]{.underline}
                          (MT)]{.underline}                                                             (US\$000)]{.underline}                                

  [From:]{.underline}     [CY 2003]{.underline}     [CY 2004]{.underline}     [2004/2003]{.underline}   [CY 2003]{.underline}      [CY 2004]{.underline}      [2004/2003]{.underline}

  **[The                  **[4,224]{.underline}**   **[4,474]{.underline}**   **[+5.9%]{.underline}**   **[63,983]{.underline}**   **[74,291]{.underline}**   **[+16.1%]{.underline}**
  World:]{.underline}**                                                                                                                                       

  **1) U.S.A.**           **3,386**                 **3,155**                 **-6.8%**                 **50,612**                 **53,076**                 **+4.9%**

  2\) Canada              417                       684                       +64.1%                    6,043                      10,316                     +70.7%

  3\) China               370                       610                       +64.6%                    6,630                      10,407                     +56.9%

  4\) Russia              39                        12                        -68.4%                    430                        197                        -54.2%

  5\) Chile               3                         5                         +69.2%                    29                         40                         +38.8%

  6\) Finland             5                         5                         0%                        97                         107                        +9.3%

  [7) France]{.underline} [3]{.underline}           [2]{.underline}           [-17.6%]{.underline}      [142]{.underline}          [135]{.underline}          [-5.5%]{.underline}

  **Combined Total:**     **4,223**                 **4,473**                 **+5.9%**                 **63,983**                 **74,278**                 **+16.1%**

  **[Combined             **[99.9%]{.underline}**   **[99.9%]{.underline}**   **[ ]{.underline}**       **[100.0%]{.underline}**   **[99.9%]{.underline}**    ** **
  %Share]{.underline}**                                                                                                                                       
  ----------------------- ------------------------- ------------------------- ------------------------- -------------------------- -------------------------- --------------------------

  ---------------------------- ------------------------- ------------------------ -------------------------- -------------------------- ------------------------- --------------------------
  **[Ikura (Prepared Salmon                                                                                                                                       
  Egg) Imports into Japan:                                                                                                                                        
  6-month Update                                                                                                                                                  
  (Jan.-Jun.)]{.underline}**                                                                                                                                      

                               [Quantity                                          [% Change]{.underline}     [\$ Value                                            [% Change]{.underline}
                               (MT)]{.underline}                                                             (US\$000)]{.underline}                               

  [From:]{.underline}          [CY 2004]{.underline}     [CY 2005]{.underline}    [2005/2004]{.underline}    [CY 2004]{.underline}      [CY 2005]{.underline}     [2005/2004]{.underline}

  **[The World:]{.underline}** **[839]{.underline}**     **[350]{.underline}**    **[-58.3%]{.underline}**   **[13,349]{.underline}**   **[6,319]{.underline}**   **[-52.7%]{.underline}**

  1\) China                    361                       213                      -40.8%                     6,303                      3,849                     -38.9%

  **2) U.S.A.**                **349**                   **119**                  **-65.9%**                 **5,276**                  **2,150**                 **-59.3%**

  3\) Canada                   111                       9                        -91.5%                     1,510                      149                       -90.2%

  4\) Finland                  3                         5                        +86.1%                     50                         96                        +93.5%

  [5) Thailand]{.underline}    [0]{.underline}           [4]{.underline}          [0%]{.underline}           [0]{.underline}            [66]{.underline}          [0%]{.underline}

  **Combined Total:**          **824**                   **350**                  **-57.5%**                 **13,139**                 **6,310**                 **-51.9%**

  **[Combined                  **[98.2%]{.underline}**   **[100%]{.underline}**   **[ ]{.underline}**        **[98.4%]{.underline}**    **[99.8%]{.underline}**   ** **
  %Share]{.underline}**                                                                                                                                           
  ---------------------------- ------------------------- ------------------------ -------------------------- -------------------------- ------------------------- --------------------------

## 5) Surimi (Fish Paste)

  ----------------------- --------------------------- --------------------------- -------------------------- --------------------------- --------------------------- --------------------------
  **[Surimi Paste Imports                                                                                                                                            
  into                                                                                                                                                               
  Japan]{.underline}**                                                                                                                                               

                          [Quantity (MT)]{.underline}                             [% Change]{.underline}     [\$ Value                                               [% Change]{.underline}
                                                                                                             (US\$000)]{.underline}                                  

  [From:]{.underline}     [CY 2003]{.underline}       [CY 2004]{.underline}       [2004/2003]{.underline}    [CY 2003]{.underline}       [CY 2004]{.underline}       [2004/2003]{.underline}

  **[The                  **[269,174]{.underline}**   **[309,392]{.underline}**   **[+14.9%]{.underline}**   **[514,215]{.underline}**   **[590,951]{.underline}**   **[+14.9%]{.underline}**
  World:]{.underline}**                                                                                                                                              

  **1) U.S.A.**           **103,266**                 **138,407**                 **+34.0%**                 **184,296**                 **238,811**                 **+29.6%**

  2\) Thailand            95,622                      81,117                      -15.2%                     163,784                     142,832                     -12.8%

  3\) China               15,945                      20,612                      +29.3%                     51,331                      70,338                      +37.0%

  4\) Argentina           10,593                      19,834                      +87.2%                     21,529                      34,504                      +60.3%

  5\) India               17,500                      17,842                      +1.9%                      27,423                      27,691                      +0.98%

  6\) Chile               9,312                       9,851                       +5.8%                      21,888                      22,737                      +3.8%

  7\) Vietnam             3,974                       4,811                       +21.1%                     8,484                       9,818                       +15.7%

  8\) Denmark             1,278                       4,351                       +240.3%                    2,827                       7,415                       +162.3%

  9\) Malaysia            1,156                       2,266                       +95.9%                     1,267                       2,566                       +102.5%

  10\) Peru               1,388                       2,125                       +53.1%                     3,631                       5,855                       +61.3%

  11\) Indonesia          2,512                       1,686                       -32.9%                     5,952                       3,741                       -37.1%

  12\) Korea, South       1,595                       1,353                       -15.2%                     10,400                      9,510                       -8.6%

  13\) Myanmar            694                         1,330                       +91.8%                     1,112                       2,185                       +96.48%

  14\) Russia             1,705                       949                         -44.3%                     3,374                       2,656                       -21.3%

  [15)                    [573]{.underline}           [785]{.underline}           [+37.2%]{.underline}       [2,636]{.underline}         [4,129]{.underline}         [+56.6%]{.underline}
  Norway]{.underline}                                                                                                                                                

  **Combined Total:**     **267,113**                 **307,319**                 **+15.1%**                 **509,934**                 **584,788**                 **+14.7%**

  **[Combined             **[99.2%]{.underline}**     **[99.3%]{.underline}**     **[ ]{.underline}**        **[99.2%]{.underline}**     **[98.9%]{.underline}**     **[ ]{.underline}**
  %Share]{.underline}**                                                                                                                                              
  ----------------------- --------------------------- --------------------------- -------------------------- --------------------------- --------------------------- --------------------------

  ---------------------------- --------------------------- --------------------------- ------------------------- --------------------------- --------------------------- --------------------------
  **[Surimi Paste Imports into                                                                                                                                           
  Japan: 6-month Update                                                                                                                                                  
  (Jan.-Jun.)]{.underline}**                                                                                                                                             

                               [Quantity (MT)]{.underline}                             [% Change]{.underline}    [\$ Value                                               [% Change]{.underline}
                                                                                                                 (US\$000)]{.underline}                                  

  [From:]{.underline}          [CY 2004]{.underline}       [CY 2005]{.underline}       [2005/2004]{.underline}   [CY 2004]{.underline}       [CY 2005]{.underline}       [2005/2004]{.underline}

  **[The World:]{.underline}** **[140,646]{.underline}**   **[147,424]{.underline}**   **[+4.8%]{.underline}**   **[254,789]{.underline}**   **[332,372]{.underline}**   **[+30.4%]{.underline}**

  **1) U.S.A.**                **59,414**                  **51,388**                  **-13.5%**                **94,107**                  **114,601**                 **+21.8%**

  2\) Thailand                 42,296                      40,979                      -3.1%                     70,137                      81,730                      +16.5%

  3\) India                    10,102                      20,467                      +102.6%                   14,728                      39,475                      +168.0%

  4\) China                    8,632                       12,234                      +41.7%                    29,931                      39,236                      +31.0%

  5\) Argentina                7,785                       6,461                       -17.0%                    13,425                      13,893                      +3.5%

  6\) Chile                    3,118                       3,595                       +15.3%                    8,257                       11,114                      +34.6%

  7\) Vietnam                  1,718                       2,987                       +73.9%                    3,986                       6,500                       +63.1%

  8\) Malaysia                 730                         2,534                       +247.1%                   742                         3,763                       +407.0%

  9\) Denmark                  1,212                       1,749                       +44.4%                    2,352                       3,695                       +57.1%

  10\) Myanmar                 757                         1,280                       +69.0%                    1,101                       2,234                       +102.9%

  11\) Peru                    1,276                       1,177                       -7.8%                     3,239                       3,571                       +10.3%

  12\) Indonesia               895                         1,060                       +18.5%                    1,958                       2,378                       +21.4%

  13\) Norway                  336                         413                         +22.9%                    1,748                       3,212                       +83.8%

  14\) Korea. South            711                         401                         -43.6%                    4,676                       3,150                       -32.6%

  [15) Mexico]{.underline}     [200]{.underline}           [177]{.underline}           [-11.4%]{.underline}      [880]{.underline}           [771]{.underline}           [-12.3%]{.underline}

  **Combined Total:**          **139,182**                 **146,902**                 **+5.5%**                 **251,267**                 **329,323**                 **+31.1%**

  **[Combined                  **[98.9%]{.underline}**     **[99.6%]{.underline}**     **[ ]{.underline}**       **[98.6%]{.underline}**     **[99.1%]{.underline}**     ** **
  %Share]{.underline}**                                                                                                                                                  
  ---------------------------- --------------------------- --------------------------- ------------------------- --------------------------- --------------------------- --------------------------

## 

## 

  ---------------------------- ------------------------- ------------------------- -------------------------- -------------------------- ------------------------- --------------------------
  **[Surimi Exports from Japan                                                                                                                                     
  (Jan.-Jun.)]{.underline}**                                                                                                                                       

                               [Quantity                                           [% Change]{.underline}     [\$ Value                                            [% Change]{.underline}
                               (MT)]{.underline}                                                              (US\$000)]{.underline}                               

  [To:]{.underline}            [CY 2003]{.underline}     [CY 2004]{.underline}     [2004/2003]{.underline}    [CY 2003]{.underline}      [CY 2004]{.underline}     [2004/2003]{.underline}

  **[The World:]{.underline}** **[3,436]{.underline}**   **[1,840]{.underline}**   **[-46.5%]{.underline}**   **[15,114]{.underline}**   **[9,427]{.underline}**   **[-37.6%]{.underline}**

  1\) New Zealand              2,560                     1,419                     -44.6%                     5,974                      3,735                     -37.5%

  2\) Korea, South             254                       201                       -20.7%                     3,741                      2,574                     -31.2%

  3\) U.S.A.                   164                       87                        -46.7%                     3,489                      1,897                     -45.6%

  4\) Thailand                 70                        50                        -29.2%                     107                        113                       +5.6%

  5\) Hong Kong                39                        27                        -31.1%                     566                        498                       -12.0%

  6\) China                    84                        26                        -69.0%                     217                        147                       -32.4%

  7\) Taiwan                   110                       15                        -86.2%                     348                        155                       -55.5%

  8\) Finland                  0                         5                         0%                         0                          114                       0%

  9\) Vietnam                  15                        3                         -81.40%                    228                        109                       -52.1%

  10\) Singapore               1                         3                         +115.0%                    14                         26                        +85.7%

  [11) Indonesia]{.underline}  [27]{.underline}          [1]{.underline}           [-97.6%]{.underline}       [188]{.underline}          [5]{.underline}           [-97.1%]{.underline}

  **Combined Total:**          **3,324**                 **1,837**                 **-44.7%**                 **14,872**                 **9,373**                 **-36.9%**

  **[Combined                  **[96.7%]{.underline}**   **[99.8%]{.underline}**   **[ ]{.underline}**        **[98.4%]{.underline}**    **[99.4%]{.underline}**   ** **
  %Share]{.underline}**                                                                                                                                            
  ---------------------------- ------------------------- ------------------------- -------------------------- -------------------------- ------------------------- --------------------------

## 

  ---------------------------- ----------------------- ------------------------- -------------------------- ------------------------- ------------------------- --------------------------
  **[Surimi Exports from Japan                                                                                                                                  
  (Jan.-Jun.)]{.underline}**                                                                                                                                    

                               [Quantity                                         [% Change]{.underline}     [\$ Value                                           [% Change]{.underline}
                               (MT)]{.underline}                                                            (US\$000)]{.underline}                              

  [To:]{.underline}            [CY 2004]{.underline}   [CY 2005]{.underline}     [2005/2004]{.underline}    [CY 2004]{.underline}     [CY 2005]{.underline}     [2005/2004]{.underline}

  **[The World:]{.underline}** **[187]{.underline}**   **[1,206]{.underline}**   **[543.2%]{.underline}**   **[2,309]{.underline}**   **[3,520]{.underline}**   **[+52.5%]{.underline}**

  1\) Chile                    0                       819                       0%                         \-                        1,666                     0%

  2\) Korea, South             89                      218                       +143.7%                    707                       223                       -68.4%

  3\) Thailand                 1                       82                        +8,531.0%                  10                        122                       +1,102.3%

  4\) U.S.A.                   41                      40                        -1.9%                      906                       804                       -11.3%

  5\) Hong Kong                14                      23                        +61.8%                     235                       408                       +73.4%

  6\) Taiwan                   5                       11                        +76.5%                     74                        115                       +55.2%

  7\) Vietnam                  2                       6                         +235.4%                    68                        40                        -41.7%

  8\) Russia                   0                       3                         0%                         \-                        70                        0%

  9\) China                    26                      1                         -97.1%                     147                       6                         -96.1%

  [10) Singapore]{.underline}  [1]{.underline}         [0]{.underline}           [-51.5%]{.underline}       [8]{.underline}           [37]{.underline}          [+362.3]{.underline}

  **Combined Total:**          179                     1,203                     +582.1%                    2,155                     3,491                     +161.9%

  **[Combined                  95.7%                   99.7%                                                93.3%                     99.2%                      
  %Share]{.underline}**                                                                                                                                         
  ---------------------------- ----------------------- ------------------------- -------------------------- ------------------------- ------------------------- --------------------------

## 6) Cod & Pollock Roes

## 

  ----------------------- -------------------------- -------------------------- ------------------------- --------------------------- --------------------------- --------------------------
  **[Cod & Pollock Roe                                                                                                                                            
  Imports into                                                                                                                                                    
  Japan]{.underline}**                                                                                                                                            

                          [Quantity                                             [% Change]{.underline}    [\$ Value                                               [% Change]{.underline}
                          (MT)]{.underline}                                                               (US\$000)]{.underline}                                  

  [From:]{.underline}     [CY 2003]{.underline}      [CY 2004]{.underline}      [2004/2003]{.underline}   [CY 2003]{.underline}       [CY 2004]{.underline}       [2004/2003]{.underline}

  **[The                  **[46,911]{.underline}**   **[48,603]{.underline}**   **[+3.6%]{.underline}**   **[575,724]{.underline}**   **[690,803]{.underline}**   **[+20.0%]{.underline}**
  World:]{.underline}**                                                                                                                                           

  **1) U.S.A.**           **23,815**                 **23,684**                 **-0.5%**                 **283,028**                 **323,148**                 **+14.2%**

  2\) Russia              11,845                     13,267                     +12.0%                    130,838                     195,474                     +49.4%

  3\) China               6,599                      7,348                      +11.4%                    97,652                      115,567                     +18.4%

  4\) Korea, South        3,854                      3,407                      -11.6%                    60,468                      52,467                      -13.2%

  5\) Iceland             334                        269                        -19.4%                    1,738                       1,311                       -24.6%

  6\) Chile               217                        162                        -25.5%                    677                         565                         -16.6%

  7\) South Africa        47                         152                        +226.0%                   123                         449                         +164.0%

  8\) Vietnam             83                         133                        +60.4%                    762                         1,229                       +61.3%

  9\) Namibia             0                          79                         0%                        0                           274                         0%

  10\) New Zealand        83                         48                         -41.6%                    276                         202                         -26.7%

  11\) Thailand           4                          21                         +419.0%                   5                           14                          +184.7%

  12\) Denmark            3                          20                         +702.8%                   14                          42                          +210.6%

  13\) Korea, North       27                         6                          -75.9%                    128                         32                          -74.5%

  14\) Netherlands        0                          1                          0%                        0                           12                          0%

  [15)                    [1]{.underline}            [0]{.underline}            [-100%]{.underline}       [14]{.underline}            [0]{.underline}             [-100%]{.underline}
  Norway]{.underline}                                                                                                                                             

  **Combined Total:**     **46,829**                 **48,385**                 **+3.3%**                 **574,961**                 **689,557**                 **+19.9%**

  **[Combined             **[99.8%]{.underline}**    **[99.5%]{.underline}**    **[ ]{.underline}**       **[99.8%]{.underline}**     **[99.8%]{.underline}**     ** **
  %Share]{.underline}**                                                                                                                                           
  ----------------------- -------------------------- -------------------------- ------------------------- --------------------------- --------------------------- --------------------------

  ---------------------------- -------------------------- -------------------------- -------------------------- --------------------------- --------------------------- --------------------------
  **[Cod & Pollock Roe Imports                                                                                                                                          
  into Japan: 6-month Update                                                                                                                                            
  (Jan.-Jun.)]{.underline}**                                                                                                                                            

                               [Quantity                                             [% Change]{.underline}     [\$ Value                                               [% Change]{.underline}
                               (MT)]{.underline}                                                                (US\$000)]{.underline}                                  

  [From:]{.underline}          [CY 2004]{.underline}      [CY 2005]{.underline}      [2005/2004]{.underline}    [CY 2004]{.underline}       [CY 2005]{.underline}       [2005/2004]{.underline}

  **[The World:]{.underline}** **[35,436]{.underline}**   **[40,679]{.underline}**   **[+14.8%]{.underline}**   **[509,305]{.underline}**   **[569,879]{.underline}**   **[+11.9%]{.underline}**

  **1) U.S.A.**                **18,990**                 **21,213**                 **+11.7%**                 **265,948**                 **296,282**                 **+11.4%**

  2\) Russia                   11,257                     13,832                     +22.9%                     166,806                     182,195                     +9.2%

  3\) China                    3,262                      3,935                      +20.6%                     49,788                      67,773                      +36.1%

  4\) Korea, South             1,698                      1,214                      -28.5%                     25,492                      21,223                      \_16.7%

  5\) Iceland                  120                        288                        +140.9%                    624                         1,220                       +95.7%

  6\) South Africa             15                         87                         +489.4%                    39                          346                         +792.1%

  7\) Vietnam                  45                         61                         +34.5%                     414                         655                         +58.2%

  8\) Chile                    44                         23                         -47.5%                     168                         81                          -51.6%

  9\) Namibia                  0                          15                         0%                         0                           63                          0%

  10)New Zealand               0                          10                         0%                         0                           34                          0%

  11\) Denmark                 0                          1                          0%                         0                           7                           0%

  12\) Netherlands             1                          0                          -100%                      12                          0                           -100%

  13\) Korea, North            3                          0                          -100%                      11                          0                           -100%

  [14) Argentina]{.underline}  [1]{.underline}            [0]{.underline}            [-100%]{.underline}        [3]{.underline}             [0]{.underline}             [-100%]{.underline}

  **Combined Total:**          **35,436**                 **40,679**                 **+14.8%**                 **509,305**                 **569,879**                 **+11.9%**

  **[Combined                  **[100%]{.underline}**     **[100%]{.underline}**     **[ ]{.underline}**        **[100%]{.underline}**      **[100%]{.underline}**      **[ ]{.underline}**
  %Share]{.underline}**                                                                                                                                                 
  ---------------------------- -------------------------- -------------------------- -------------------------- --------------------------- --------------------------- --------------------------

# PSD Tables & Trade Matrices

## 1)Salmon, Whole/ Eviscerated

## PSD Table (Unit of Measurement: MT)

  -------------- ---------- ----------------- ---------- ----------------- ---------- -----------------
                 2004       Revised           2005       Estimate          2006       Forecast

                 USDA       Post              USDA       Post              USDA       Post
                 Official   Estimate\[New\]   Official   Estimate\[New\]   Official   Estimate\[New\]
                 \[Old\]                      \[Old\]                      \[Old\]    

  Market Year               01/2004                      01/2005                      01/2006
  Begin                                                                               

  Beginning      126000     109000            116000     92184             116000     70184
  Stocks                                                                              

  Total          255000     245000            0          240000            0          235000
  Production                                                                          

  Intra-EC       0          0                 0          0                 0          0
  Imports                                                                             

  Other Imports  220000     239545            0          240000            0          243000

  TOTAL Imports  220000     239545            0          240000            0          243000

  TOTAL SUPPLY   601000     593545            116000     572184            116000     548184

  Intra-EC       0          0                 0          0                 0          0
  Exports                                                                             

  Other Exports  40000      61361             0          62000             0          63000

  TOTAL Exports  40000      61361             0          62000             0          63000

  Domestic       445000     440000            0          440000            0          443000
  Consumption                                                                         

  Other Use/Loss 0          0                 0          0                 0          0

  TOTAL          445000     440000            0          440000            0          443000
  Utilization                                                                         

  Ending Stocks  116000     92184             116000     70184             0          42184

  TOTAL          601000     593545            116000     572184            0          548184
  DISTRIBUTION                                                                        
  -------------- ---------- ----------------- ---------- ----------------- ---------- -----------------

## Import Trade Matrix (Unit of Measurement: MT)

  -------------------- --------------- ----------------- -----------------
  Time Period          Jan.-Dec.       Units:            MT

  Imports for:         2003                              2004

  **U.S.**             **28,374**      **U.S.**          **32,672**

  Others                               Others            

  Chile                93,355          Chile             122,617

  Norway               47,987          Norway            43,003

  Russia               27,279          Russia            25,128

  Canada               4,458           Canada            6,645

  Denmark              5,868           Denmark           3,436

  New Zealand          3,610           New Zealand       3,168

  U.K.                 2,653           U.K.              1,587

  Australia            420             Australia         848

  China                467             China             436

  Total for Others     186,097         Total for Others  206,868

  Total for Others     1,050           Total for Others  5

  **Grand Total**      **215,521**                       **239,545**
  -------------------- --------------- ----------------- -----------------

## 

## Export Trade Matrix (Unit of Measurement: MT)

  -------------------- --------------- ----------------- -----------------
  Time Period          Jan.-Dec.       Units:            MT

  Exports for:         2003                              2004

  **U.S.**             **24**          **U.S.**          **1**

  Others                               Others            

  China                52,685          China             50,523

  Thailand             4,602           Thailand          5,675

  Korea, South         1,763           Korea, South      2,168

  Taiwan               3,563           Taiwan            2,050

  Russia               410             Russia            492

  Vietnam              79              Vietnam           153

  Lithuania            575             Lithuania         125

  Canada               0               Canada            87

  Philippines          0               Philippines       49

  Hong Kong            99              Hong Kong         36

  Total for Others     63,776          Total for Others  61,358

  Others not Listed    99              Others not Listed 2

  **Grand Total**      **63,899**                        **61,361**
  -------------------- --------------- ----------------- -----------------

## 

## 2) Surimi (Fish Paste)

## 

## PSD Table (Unit of Measurement: MT)

  -------------- ---------- ----------------- ---------- ----------------- ---------- -----------------
                 2004       Revised           2005       Estimate          2006       Forecast

                 USDA       Post              USDA       Post              USDA       Post
                 Official   Estimate\[New\]   Official   Estimate\[New\]   Official   Estimate\[New\]
                 \[Old\]                      \[Old\]                      \[Old\]    

  Market Year               01/2004                      01/2005                      01/2006
  Begin                                                                               

  Beginning      81000      79000             83000      89594             83000      90694
  Stocks                                                                              

  Total          110000     98042             0          103000            0          108000
  Production                                                                          

  Intra-EC       0          0                 0          0                 0          0
  Imports                                                                             

  Other Imports  295000     309,392           0          300000            0          310000

  TOTAL Imports  295000     309392            0          300000            0          310000

  TOTAL SUPPLY   486000     486434            83000      492594            83000      508694

  Intra-EC       0          0                 0          0                 0          0
  Exports                                                                             

  Other Exports  3000       1840              0          1900              0          2000

  TOTAL Exports  3000       1840              0          1900              0          2000

  Domestic       400000     395000            0          400000            0          410000
  Consumption                                                                         

  Other Use/Loss 0          0                 0          0                 0          0

  TOTAL          400000     395000            0          400000            0          410000
  Utilization                                                                         

  Ending Stocks  83000      89594             83000      90694             0          96694

  TOTAL          486000     486434            83000      492594            0          508694
  DISTRIBUTION                                                                        
  -------------- ---------- ----------------- ---------- ----------------- ---------- -----------------

## Import Trade Matrix (Unit of Measurement: MT)

  ------------------- ----------------- ----------------- -----------------
  Time Period         Jan,-Dec.         Units:            MT

  Imports for:        2003                                2004

  **U.S.**            **103,266**       **U.S.**          **138,407**

  Others                                Others            

  Thailand            95,622            Thailand          81,117

  China               15,945            China             20,612

  Argentina           10,593            Argentina         19,834

  India               17,500            India             17,842

  Chile               9,312             Chile             9,851

  Vietnam             3,974             Vietnam           4,811

  Denmark             1,278             Denmark           4,351

  Malaysia            1,156             Malaysia          2,266

  Peru                1,388             Peru              2,125

  Indonesia           2,512             Indonesia         1,686

  Total for Others    159280                              164495

  Others not Listed   6,628                               6,490

  **Grand Total**     **269174**                          **309392**
  ------------------- ----------------- ----------------- -----------------

## Export Trade Matrix (Unit of Measurement: MT)

  --------------------- -------------- ---------------- ------------------
  Time Period           Jan.-Dec.      Units:           MT

  Exports for:          2003                            2004

  **U.S.**              **164**        **U.S.**         **87**

  Others                               Others           

  New Zealand           2,560          New Zealand      1,419

  Korea, South          254            Korea, South     201

  Thailand              70             Thailand         50

  Hong Kong             39             Hong Kong        27

  China                 84             China            26

  Taiwan                110            Taiwan           15

  Finland               0              Finland          5

                                                        

  Vietnam               15             Vietnam          3

  Singapore             1              Singapore        3

  Indonesia             27             Indonesia        1

  Total for Others      3160                            1750

  Others not Listed     112                             3

  Grand Total           3436                            1840
  --------------------- -------------- ---------------- ------------------

# Marketing

Seafood consumption in Japan, like food consumption in general, is
showing signs of weakness. According to recent Ministry of Agriculture,
Forestry and Fisheries (MAFF) reports, overall per capita seafood
consumption in Japan decreased from 35.7 kg per person in 2003 to 34.5
kg/person in 2004. One of the reasons for this change is the lack of
population growth but another is the increasing diversification of the
Japanese diet. Indeed, in a market survey conducted by the Japanese
fishery industry of 1,000 mothers with children in grade school and
secondary school, only 5% of the families responded that they served
"fish and seafood" primarily for dinners in their families, as opposed
to 60% of the families reporting a preference for a dinner menu focused
on beef and/or pork. (Source: "Minato" Journal, March 1, 2005)

While consumption of fishery products by a typical Japanese household
with more than two family members remains stable overall we find that it
does vary by age. Young adults tend to consume seafood less frequently
but as they get older (beyond 40 years of age) seafood consumption
increases. It is important to note that Japan's population mix is
scheduled to level off in 2007, after which the share of the population
over age 65 is expected to dramatically increase. The widespread
perception among Japanese consumers that seafood contains far less fat
than beef and pork therefore offering a better and healthier option than
other meats may account for this trend along with the likelihood that
older generations tend to eat more traditional foods.

In addition, declining food consumption is not exclusive to the seafood
sector but rather can be found throughout the food industry. According
to the " White Paper on the Fisheries Sector", released in 2005 by the
Fisheries Agency of Japanese Government, the average unit expenditure
per 100 grams of fresh, fishery food products of a typical Japanese
household with more than two family members during the years 2002 and
2003 dropped 12.4% from the peak level of 10 years earlier but has been
leveling off ever since as a result of the deflationary Japanese
economy. It was also down 10.3% for fresh vegetables and 15.1% for fresh
meat, such as beef and pork, during the same period. With respect to
seafood, however, it is fairly safe to say that to most Japanese people
seafood is a dietary staple and will continue to have an important place
in their everyday life. In general, the Japanese tend to stay with their
tried and true favorites and are hesitant to try unknown seafood
products.

Another important reason for the softening of the seafood market is that
consumers are concerned about food safety in general due to various food
safety incidents and issues widely reported through the mass media.
These have included such crises as O-157 E-Coli breakouts, BSE in
Japanese and imported beef, and "bird flu" breakouts that have caused
consumers to be extremely cautious about the reliability and safety of
foods they buy, including seafood. Japanese consumers, always very
quality conscious, are becoming more sensitive and careful than ever
before about food safety in their shopping behavior.

To cope with these consumer concerns and uncertainty about food safety
in general and in line with the Government of Japan's "traceability"
program for farm and food products, it has been made mandatory, since
July 2000 under the Japanese Agricultural Standards (JAS) Law, to attach
"product information labels" to all fresh food and soft drink items,
among others, including fishery products, disclosing product information
in print on "the name of product" and "country or place of the product's
origin". This requirement was expanded to cover all the processed or
manufactured food products as of April 2001, with additional
requirements for information disclosure covering "raw materials used in
the product", "use by/best by date" and "how to properly store the
product". In the fishery products sector, Salmon and Trout, Sockeye
Salmon, Surimi (fish paste), Cod & Pollock Roes, Ikura (Prepared Salmon
Eggs) and Sujiko (Hard Salmon Roes) were required as of February 2002 to
comply with the labeling requirement. Subsequently, in September 2004,
"information disclosure guidelines for the quality of processed foods"
were announced by MAFF requiring information disclosure on the country
or place of product origin for the major raw material contained in the
processed product. This JAS product labeling program is intended solely
to deal with growing consumer concerns about food safety so that, in the
event of an unexpected public health issue or problem, the source of the
issue can be traced through the distribution chain. While this program
is not directly applicable to the bulk commodity exporters and shippers
overseas, exporters and suppliers of the secondary fishery products,
ready-for-export shipments to Japanese customers, would benefit
substantially from a thorough preliminary research in advance into the
details of the JAS labeling requirement and other import regulations in
Japan that might be applicable to their products. Even still, a trade
survey of supermarkets reveals that this labeling requirement falls
short of the average consumer's expectations, as shown in the following
summary of "unhappy consumer responses".

**WHY CONSUMERS ARE NOT HAPPY WITH PRODUCT LABELING PROGRAM**

**[% of the Responses]{.underline} [R E A S O N S FOR BEING
UNHAPPY]{.underline}**

-67.3%: Because the accuracy of product label information cannot be
confirmed.

-54.8%: Because information on the country of origin or manufactured
source of the product does not automatically assure food safety.

-43.7%: Because impact of the food additives in the product cannot be
ascertained.

-33.4%: Because of a lack of uniformity among stores in how information
is shown.

-13.2%: Because there is no adequate information in print, showing if
the seafood is

> sourced from "natural" fish or "farmed fish".

-12.7%: Because there are not enough guidelines with suggestions for
various

cooking methods/way of using the seafood.

**Note:** The product labeling requirement under the Japanese
Agricultural Standards Act does not apply to the U.S. fishery product
exporters & suppliers and is confined only to the Japanese seafood
importers, manufacturers and distributors in Japan.

## 

Finally, we find that, like Americans, the Japanese are busier than ever
and this is affecting purchasing habits. According to the aforementioned
"White Paper", as household expenditure for out-of-home meals (e.g.
dining out) and readily available and reasonably-priced pre-cooked or
prepared foods show signs of continuing growth, expenditures for fresh
seafood on the retail market are less robust. Changes in the Japanese
social infrastructure, such as growth in the number of working women,
single households and diversification of family lifestyles as well as
rapid and successful improvements in the line-up of fast-food products
at mass merchandising retail chains also accounted for this change. As a
result, supermarkets, convenience stores, and department stores aim to
offer a plethora of choices to consumers with varied needs. So,
opportunities for processed products are growing.

As a result of the popularity among consumers of large-scale
neighborhood supermarkets and retail store chains, such as "Family
Marts" and numerous local "Convenience Stores", 70% of the fresh fishery
product sales are channeled through this type of regional
mass-merchandising store in Japan. These stores tend to be massive in
terms of product demands such as volume and specifications, calling for
consistency in quantity, quality, price and on-time delivery commitments
of the products they purchase. They tend to sign purchase contracts with
large-scale and reliable product suppliers for an extended period of
time.

End of Report