April 25, 2024

Vietnam now fifth biggest exporter of aquatic products to Singapore

Vietnam jumped one place to become the fifth largest exporter of aquatic products to Singapore for the first time in the first quarter of 2024, according to its Trade Office in Singapore.

Vietnam's aquatic exports to Singapore reached over US$17.64 million during the January-March 2024, gaining a market share of 8.58% in the country.

Statistics from Singapore's corporate regulatory authority showed that during the time under review, the country imported nearly S$340 million (US$250 million) worth of aquatic products from nearly 100 countries and territories, a decrease of 5.67% from the same period in 2023. It mainly imported shrimp, crab, crustacean, fresh fish, chilled fish, fish fillet, frozen fish and mollusk.

The other top exporters of aquatic products to Singapore during the period were Malaysia with a 13.6% market share, Norway (11.45%), Indonesia (11.13%), China (10.15%) and Japan (8.34%).

Cao Xuân Thắng, head of the Vietnam Trade Office in Singapore, said Singapore has continuously expanded and diversified supply sources to ensure food security, but this has also boosted competition among seafood exporters to the country.

Moreover, rising inflation is also a big challenge for the fisheries industry of the countries exporting to Singapore, including Vietnam's industry, Thắng noted.

He added that to maintain and boost its ranking and market share, and increase export value of products heading to Singapore, Vietnam needs to further improve product quality.
 

— VNS