Statistics from the Singaporean Accounting and Corporate Regulatory Authority showed that during January-September, the country imported nearly SGD839.1 million (US$635.24 million) worth of aquatic products from nearly 100 countries and territories, a decrease of 4.51 percent from the same period in 2023.
The top exporters of aquatic products to Singapore during the period were Malaysia with a 13.42 percent market share, Indonesia 10.98 percent, Norway 10.34 percent, China 9.81 percent, Vietnam 9.22 percent, and Japan 8.42 percent.
Commercial Counselor Cao Xuan Thang, Head of the Vietnam Trade Office in Singapore, said the above statistics demonstrated the important position and role of Vietnamese aquatic products in the Singapore market.
However, to increase market share sustainably, increasing the ranking and export value of aquatic products to Singapore, Vietnam needs to continue improving the product quality.
He noted that high inflation and the trend of tightening spending in Singapore are also major challenges for exporters, including Vietnam.
Countries that can take advantage of logistics and reduce costs will create a greater competitive advantage in exporting goods to Singapore, Thang added.
