Japan's February imports of pork, wine and cheese from the EU saw YoY growth of 54%, 42% and 30%, respectively as the new free trade agreement came into force. The deal, which affects more than 600 million citizens and a third of the world economy, focuses on removing tariffs on reciprocal imports, such as scrapping Japan's 15% import tax on EU wine. Imports to Japan of pork reached 36,000 mt in February, while cheese came to around 8,000 tons and wine totalled 14.69 million litres. Importantly, the figures follow a sharp decline in January, as traders waited for the incoming deal.
Japan's February imports of pork, wine and cheese from the EU saw YoY growth of 54%, 42% and 30%, respectively as the new free trade agreement came into force. The deal, which affects more than 600 million citizens and a third of the world economy, focuses on removing tariffs on reciprocal imports, such as scrapping Japan's 15% import tax on EU wine. Imports to Japan of pork reached 36,000 mt in February, while cheese came to 8,000 mt and wine totalled 14.69 million litres. Importantly, the figures follow a sharp decline in January, as traders waited for the incoming deal.