Sumitomo Corp., Japan’s largest wheat importer, will start shipping Australian grain to other Asian markets this year, doubling sales to the region by 2013, said a company executive. Sumitomo supplied Japan with about 700,000 tons last year from Australia, the U.S. and Canada, he said yesterday.
Sumitomo, Itochu Corp. and Marubeni Corp. are seeking to expand foreign sales as food consumption in Japan, the largest grain importer, shrinks because of a declining and aging population. Australia’s proximity to Asia’s importers cuts shipping costs, providing a competitive advantage over the U.S. and Canada.