Japan, which is the biggest per-capita consumer of eel and imports 70% of the eels it eats, appears to be in for trouble. Moves to designate eels as an endangered species and restrict international transactions are gathering steam.
According to Japanese media including NHK and Nikkei Asia on the 20th, at the Conference of the Parties to the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES), which opens next week, delegates will discuss whether to add eels to Appendix II of the convention.
In particular, there are expectations that the American eel is likely to be listed in Appendix II for resource protection. For species listed in Appendix II, exports are permitted only if the exporting country judges that "this transaction does not threaten the survival of the species."
If the regulation passes, American eels entering Japan from China must have documents proving the actual country of origin and an export permit issued by that country of origin. But because the procedure is complex, some expect the volume of American eels coming into Japan could fall. In that case, with demand for American eel unchanged and supply down, prices could rise.
A representative at a trading company in Tokyo said in an interview with Nikkei, "Our Chinese partner that processes eels says it has no idea how long it will take to get the necessary documents." A sales manager at a seafood company in Osaka also voiced concern, saying, "If there is a problem with the paperwork, customs could return the goods to China as is."
The American eel is a species caught in North America and the Caribbean. Some countries catch juvenile American eels and export them to China. In China, the juveniles are farmed and processed into grilled eel products, which are then exported back to Japan.
A serving of American eel costs 1,000–3,000 yen (about 9,300 won–28,000 won). Japanese eel is around 2,500 yen (about 23,000 won) per serving, at a higher price point. Because it is relatively cheaper, American eel has significant demand.