Vietnam remains among the countries with the largest seafood market share in Singapore and for the first time, Vietnamese seafood has maintained its 5th position for three consecutive quarters, according to the Vietnam Trade Office in the island-city state.
During the nine-month period, Singapore imported seafood from nearly 100 countries and territories with a total import turnover of about SGD 839.1 million (US$ 635.24 million), down 4.51% over the same period from last year.
Among the top 15 seafood exporters to the Singapore market, Malaysia continued to be the leader, followed by Indonesia, Norway, China, and Vietnam.
The seafood market share of the Singapore market is generally still divided equally among partners as each nation 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%).
Vietnam dominates the Singapore seafood market with frozen fish fillet products, accounting for 29.57%) and processed fish making up for 19.57%.
Throughout the reviewed period, Vietnam's seafood export turnover to the Singapore market dropped by 2.51%, while export value reached nearly SGD77.36 million, accounting for 9.22% of the city-island nation's market share.
According to 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. However, in order to increase sustainable market share, and 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 tightened spending trends are also viewed as significant challenges for the seafood industry of exporters to Singapore, including Vietnam.
Countries that can take advantage of logistics and reduce costs will create greater competitive advantages in boosting exports to Singapore, Thang added.