Seafood export turnover from Vietnam to Singapore in the first 9 months of 2024 accounted for a market share of 9.22%, with good growth in the fresh fish group - HS0301 (up 19.33%).
According to the Vietnam Trade Office in Singapore, statistics from the Singapore Enterprise Authority in the first 9 months of 2024, Singapore imported seafood from nearly 100 countries and territories with a total import turnover of about 839.1 million SGD, down 4.51% over the same period in 2023.
The group of aquatic products that accounts for a large proportion in the Singapore market includes: shrimp, crab, crustacean seafood (HS0306), accounting for 24.24% of the total market consumption; followed by fresh and chilled fish (HS0302), accounting for 18.71%; frozen fish (HS0303) accounting for 18.55%; fish fillets, chilled or frozen fish meat (HS0304), accounting for 16.94%; molluscs (HS0307) accounting for 10.46%... Product groups such as fresh fish, processed fish and aquatic products account for a relatively low proportion, respectively 3.55%; 4.81% and 2.73%.
Total seafood import turnover of Singapore to the world
First 9 months of 2024
(unit: thousand SGD)
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Among the top 15 seafood exporters to the Singapore market, Malaysia continues to be the leader, followed by Indonesia in 2nd place, Norway in 3rd place, China in 4th place, and Vietnam maintaining its 5th place for the first time in 3 consecutive quarters.
The seafood market share of the Singapore market is generally still divided equally among partners because each country has its own export strengths, of which the 6 countries with the largest market share account for 9% - 13%, specifically Malaysia (13.42%), Indonesia (10.98%), Norway (10.34%), China (9.81%), Vietnam (9.22%) and Japan (8.42%). However, each country has its own strengths and dominates different segments. The data in Table 3 shows that Malaysia has strengths in fresh fish products and shrimp, crab, and crustacean seafood with market shares in these two segments of 31.35% and 20.24% respectively. Norway and Spain have strengths in fresh chilled fish and frozen fish products. Vietnam dominates the Singapore seafood market with frozen fish fillets (accounting for 29.57%) and processed fish (accounting for 19.57%). China has an advantage in mollusc products (29.34% market share) and Japan has an advantage in aquatic products (40.16% market share).
The remaining market share is divided equally among more than 90 other partners, including Chile, India, Australia, Thailand, the US, etc.
In its policy of diversifying supply sources, Singapore continuously seeks and expands import markets with various policies. This makes competition among countries exporting seafood to Singapore increasingly fierce.
Singapore's seafood import data for the first 9 months of 2024 from the world and Vietnam by product groups
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Regarding the growth of the top 15 seafood export partners to Singapore, 8/15 partners had negative growth and 7/15 partners had positive growth. Some partners had strong growth such as: Australia (up 65.69%), Chile (up 30.6%).
Vietnam's seafood export turnover to the Singapore market in the first 9 months of 2024 decreased by 2.51% (export value reached nearly 77.36 million SGD), accounting for a market share of 9.22%. Vietnam's seafood export turnover to Singapore in the first 9 months of 2024 increased well in the fresh fish group - HS0301 (up 19.33%), while there was a sharp decrease in 3 product groups: Fresh chilled fish group - HS0302 (down 46.56%), Frozen fish group - HS0303 (down 35.42%), Aquatic products group - HS0308 (down 35.9%).
According to Mr. Cao Xuan Thang, Trade Counselor, Head of the Vietnam Trade Office in Singapore, the above statistics demonstrate the important position and role of Vietnamese seafood in the Singapore market. For the first time, Vietnamese seafood has maintained the 5th position for 3 consecutive quarters.
However, to be able to increase market share sustainably, improve the ranking and export value of seafood to Singapore, Vietnam needs to continue to improve the quality of seafood products.
On the other hand, high inflation and tightening spending trends are also significant challenges for the seafood industry of countries exporting to Singapore, including Vietnam. Countries that can take advantage of logistics and reduce costs will create a greater competitive advantage in exporting goods to Singapore.
To boost the export of seafood products to the Singapore market in particular and the world market in general, the Trade Office is actively connecting with leading seafood enterprises in Vietnam to provide information on products that Singaporean importers are looking for; connecting with the Singapore Seafood Industry Association to support connections with Vietnamese enterprises. Support businesses to participate in trade fairs and exhibitions, increasing the presence of Vietnamese goods in the area. Week 22-27/10/2024, the Trade Office supported the delegation of the Singapore Food Authority SFA and the Singapore Economic Development Board EDB to Vietnam to promote and connect the aquaculture sector in Vietnam.
The Trade Office also continuously holds dialogues with Vietnamese enterprises, including the participation of seafood exporting enterprises, to share experiences in accessing the market and make recommendations to improve product quality and maintain the reputation of Vietnamese seafood in the Singapore market.
Source: https://congthuong.vn/xuat-khau-thuy-san-duy-tri-thi-phan-tot-tai-singapore-354671.html
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