In September 2024, according to Vietnam Customs, pangasius exports to Singapore reached 3 million USD, down 11% compared to September 2023. This is the fourth consecutive month that pangasius exports to this market have witnessed negative growth, after a slight increase of 14% and 2% in July and August 2024. The total export value of Vietnamese pangasius in the first 9 months of this year reached 26 million USD, down 4% compared to the same period last year.

The structure of pangasius products exported to Singapore was also uneven in the first 9 months of this year. Frozen pangasius fillets are still the main export product of Vietnamese pangasius, with more than 21 million USD in the first 9 months of this year, down 5% compared to the same period last year. Of which, exports only recorded growth in the months of January, April, May, and July 2024, the remaining months all recorded negative growth from 1 to 2 digits.

The structure of pangasius products exported to Singapore was also uneven in the first 9 months of this year. Frozen pangasius fillets are still the main export product of Vietnamese pangasius, with more than 21 million USD in the first 9 months of this year, down 5% compared to the same period last year. Of which, exports only recorded growth in the months of January, April, May, and July 2024, the remaining months all recorded negative growth from 1 to 2 digits.

Notably, in the first month of this year, the export of VAT-valued pangasius products recorded an 11-fold increase compared to the same period in 2023, however, this value continuously increased and decreased erratically in the following months of 2024. By September 2024, the export of HS16 products witnessed a decrease of 11% compared to the same period, reaching 145 million USD. Previously, in June, July, and August 2024, the export of this product to Singapore also decreased by 15%, 75%, and 53% respectively compared to the same period last year.

It can be said that pangasius exports to Singapore in the first 9 months of 2024 have "derailed" from the growth momentum in 2023. According to the Singapore Ministry of Trade and Industry (MTI), the retail and food and beverage services industries declined in QI and QII/2024. The reason for this situation is partly because people in the Lion Island spend more on foreign tourism.

However, Singapore is still a market worth paying attention to because there are almost no technical barriers to restricting imports into the country and can accept higher prices. This is also one of the countries famous for its large restaurant, tourism, and hotel systems, a multi-ethnic country, but all use seafood. Therefore, businesses need to increase product display activities, trade promotion... to introduce Vietnamese pangasius products more popularly to Singaporeans.

Source: VASEP