Empirical Analyses of Japanese Sake Export

Abstract

Japanese sake is currently experiencing significant growth in overseas markets. In order to achieve further expansion, it is essential to identify the economic impacts by country and time period. This study analyzes the export volume and unit value of Japanese sake using fixed effects, time fixed effects, and macroeconomic factors. The estimation model incorporates the influence of two major events: the inscription of “washoku” (traditional Japanese cuisine) on the UNESCO Intangible Cultural Heritage list in 2013, and the economic restrictions triggered by the spread of COVID-19 in 2020. We showed that the time fixed effects revealed differences across countries, suggesting that the UNESCO designation of washoku and the abrupt changes in sake exports following the pandemic may have played a role. In addition, the effects of macroeconomic factors such as exchange rates, GDP, and Google Trends were examined from multiple perspectives.