15 countries exporting seafood to Singapore, Malaysia is the leading country, Indonesia is in 2nd place, Norway is in 3rd place, China is in 4th place, Vietnam is in 5th place.

Singapore imports seafood from nearly 100 countries

According to the Vietnam Trade Office in Singapore, data from the Singapore Enterprise Authority for the whole year of 2024 shows that Singapore imported seafood from nearly 100 countries and territories with a total import turnover of about 1.17 billion SGD, down 2.58% compared to the same period in 2023.

The group of seafood products that account for a large proportion in the Singapore market includes: shrimp, crab, crustacean seafood (HS0306), accounting for 23.74% of the total market consumption; followed by frozen fish (HS0303) accounting for 18.84%; fresh, chilled fish (HS0302), accounting for 18.08%; fish fillets, chilled or frozen fish meat (HS0304), accounting for 16.94%; Molluscs (HS0307) accounted for 11.29%... Groups of products such as fresh fish, processed fish and aquatic products accounted for a relatively low proportion, respectively 3.36%; 5.04% and 2.71%.

Among the top 15 seafood exporting countries to the Singapore market, Malaysia continues to be the leading country, followed by Indonesia in 2nd place, Norway in 3rd place, China in 4th place, and Vietnam for the first time surpassed Japan to maintain 5th place for 12 consecutive months.

According to statistics, the seafood market share of the Singaporean market is generally 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 (12.98%), Indonesia (11.05%), Norway (10.16%), China (9.98%), Vietnam (9.68%) and Japan (8.87%). However, each country has its own strengths and dominates different segments.

Data shows that Malaysia has strengths in fresh fish products and shrimp, crab, and crustacean seafood with market shares in these 2 segments of 32.13% and 19.33% respectively. Norway and Spain have strengths in fresh chilled fish and frozen fish products. Vietnam dominates the Singaporean seafood market with frozen fish fillets (accounting for 30.30%) and processed fish (accounting for 18.52%). China has an advantage in mollusc products (27.34% market share) and Japan has an advantage in aquatic products (40.09% 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 many different policies. This makes competition among seafood exporting countries to Singapore increasingly fierce.

Regarding the growth rate of the top 15 seafood exporting partners to Singapore, 8/15 partners have negative growth and 7/15 partners have positive growth. Some partners have strong growth rates such as: Australia (up 38.86%), Spain (up 25.57%).

Vietnam's seafood export turnover to Singapore increased by 4.99%

The export turnover of Vietnamese seafood to the Singapore market in 2024 increased by 4.99% (export value reached nearly 113.37 million SGD), accounting for a market share of 9.68%. The figures show that the export turnover of seafood from Vietnam to Singapore in 2024 increased well in the mollusk group - HS0307 (up 117.92%), while there was a sharp decrease in 3 groups of products: Fresh and chilled fish group - HS0302 (down 48.59%), frozen fish group - HS0303 (down 30.1%), aquatic products group - HS0308 (down 31.82%).

According to Mr. Cao Xuan Thang, Trade Counselor, Head of the Vietnam Trade Office in Singapore, Vietnam still maintains the important position and role of Vietnamese seafood in the Singapore market. 2024 is the first year that Vietnamese seafood has maintained the 5th position in a row for 12 months.

However, in order to increase its market share sustainably, improve its ranking and the value of seafood exports to Singapore, Vietnam needs to continue to improve the quality of its seafood products, although there have been no incidents related to food hygiene and safety reported to the trade office.

Regarding product prices, high inflation and geopolitical tensions 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. Supporting enterprises to participate in exhibitions and fairs, increasing the presence of Vietnamese goods in the area; implementing trade connections and promoting product brands and Vietnamese enterprise brands in the area.

The Trade Office also continuously conducts dialogues with businesses, including the participation of seafood exporting businesses, 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: Cong Thuong Newspaper