(seafood.vasep.com.vn) In September 2024, Vietnam pangasius exports to Singapore reached $3 million, marking an 11% decrease compared to the same period in 2023. This marks the fourth consecutive month of negative growth in pangasius exports to this market, following slight increases of 14% and 2% in July and August 2024, respectively. The total value of Vietnamese pangasius exports in the first nine months of this year was $26 million, down 4% compared to the same period last year.
The product structure of pangasius exports to Singapore in the first nine months of this year was uneven. Frozen pangasius fillets remained the primary export product, accounting for over $21 million during this period, a decline of 5% compared to the same timeframe last year. Notably, exports only recorded growth in January, April, May, and July 2024, while the remaining months experienced declines of 1-2 digits.
It is worth mentioning that in January, exports of value-added pangasius products saw an 11-fold increase compared to the same period in 2023; however, this value fluctuated continuously in the following months of 2024. By September 2024, exports of products under HS code 16 had decreased by 11% compared to the same period last year, reaching $145 million. In June, July, and August 2024, exports of this product to Singapore also decreased by 15%, 75%, and 53%, respectively, compared to the same period in the previous year.
Overall, pangasius exports to Singapore in the first nine months of 2024 have deviated from the growth trend observed in 2023. According to the Singapore Ministry of Trade and Industry (MTI), the food and beverage retail and services sectors experienced declines in the first and second quarters of 2024. One explanation for this situation is that residents of the Lion City are spending more on overseas travel.
However, Singapore remains a market worth targeting, as there are almost no technical barriers to importing into the country, and it can accommodate higher purchase prices. Additionally, Singapore boasts a vast network of restaurants, tourism, and hotels, with a diverse population that enjoys seafood. Therefore, businesses need to enhance product display activities and trade promotions to introduce Vietnamese pangasius products more widely to Singaporeans.