Surpassing Japan, Vietnam became the 5th largest seafood exporter to the Singapore market in the first quarter of 2024, behind Malaysia, Norway, Indonesia and China.
Surpassing Japan, Vietnam became the 5th largest seafood exporter to the Singapore market in the first quarter of 2024, behind Malaysia, Norway, Indonesia and China.
Vietnam has surpassed Japan for the first time to become the 5th largest seafood export partner in Singapore.
According to statistics from the Singapore Enterprise Authority, in the first quarter of 2024, Singapore imported seafood from nearly 100 countries and territories with a total import turnover of nearly 340 million SGD, down 5.67% over the same period in 2023.
In the first quarter of 2024, the export turnover of Vietnamese seafood to the Singapore market reached more than 24 million SGD, an increase of 3.22% over the same period last year.
Among the top 15 seafood exporting countries to the Singapore market, Malaysia continues to be the leader, followed by Norway in 2nd place, Indonesia in 3rd place, China and Vietnam for the first time surpassed Japan to become the 5th largest seafood exporting partner to Singapore.
Data from the Singapore Enterprise Authority shows that the seafood market share of the Singapore market is generally still divided equally among partners because each country has its own export strengths.
The 6 countries with the largest market share, accounting for 9 - 13%, include: Malaysia with 13.6% market share; Norway with 11.45% market share; Indonesia with 11.13% market share; China with 10.15% market share; Vietnam with 8.58% market share and Japan with 8.34% market share.
Mr. Cao Xuan Thang, Trade Counselor, Head of the Vietnam Trade Office in Singapore, said that in order to diversify its supply sources, Singapore is constantly seeking and expanding its import markets in many forms. This ensures food security for Singapore, while also increasing competition among countries exporting seafood to Singapore.
On the other hand, rising inflation is also a big challenge for the seafood industry of countries exporting to Singapore, including Vietnam. Any country that can take advantage of logistics and reduce costs will create a greater competitive advantage in exporting goods to this market.
To accelerate seafood exports to Singapore in particular and the world market in general, the Vietnam Trade Office in Singapore recommends that Vietnamese seafood enterprises study and make effective use of free trade agreements to which Vietnam is a member; regularly update local regulations, especially regulations on quality standards, product labels, etc.
Vietnamese enterprises increase their participation in trade fairs and exhibitions, promote their brands and products, increase the presence of Vietnamese goods in international markets; improve competitiveness, maintain stable product quality, and maintain prestige with international partners.
In addition, it is necessary to carefully verify partner information before signing, delivering goods and making payment, to avoid risks in business transactions.
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