Singapore - The bright spot of Vietnam pangasius exports in 2023

As of March 15, 2023, Vietnam pangasius exports nationwide reached nearly 330 million USD, down 35% compared to the same period in 2022. In which, Vietnam's pangasius exports to Singapore reached 7 million USD, up 40% over the same period last year (only 5 million USD). Singapore is in the top 11 single markets importing Vietnamese pangasius. The proportion of pangasius imports of the "Lion island" increased from 1% to 2% over the same period last year.

In the first half of March 2023, pangasius exports to Singapore reached nearly 2 million USD, an increase of 77% compared to the same period in 2023. Singapore is the second country after Thailand in ASEAN that imports the most pangasius from Vietnam. While Vietnam's pangasius exports to most of the ASEAN markets decreased, the increase in Singapore's imports is considered a compensation for this market. 

By March 15, 2023, frozen pangasius fillets exported to Singapore accounted for 11%, reaching more than 700 thousand USD, up 23% over the same period last year. Particularly in the first half of March 2023, the export of this product reached 265 thousand USD, up 360%. 

Although Singapore’s population is not much, this country has large seaports and convenient trade. Many countries choose Singapore's ports to transship goods.

Southeast Asia, especially Singapore, is considered a bright spot for growth and has benefited greatly from the reopening of China. GDP growth in the ASEAN region is forecast at 5.2% in 2023, significantly higher than many other economies amid a gloomy global economic outlook. 

Thanks to the lifting of travel restrictions, the outlook for Singapore's aviation and tourism sectors is relatively positive. This will spur a recovery in services that are still operating below pre-pandemic levels. A strong recovery in air travel and international arrivals is expected to benefit industries that drive consumers to food services. At the same time, this also opens up new opportunities for Vietnam's pangasius exports to Singapore because of the characteristics of delicious white fish with reasonable prices in the context of tight spending due to inflation. 

Thu Hang