Singapore is the largest shrimp importer of Vietnam among the ASEAN, accounting for 55% of total Vietnamese shrimp value to this group and 0.9% of total volume to markets. Even though Vietnamese shrimp exports to Singapore has experienced a downward trend recently, this market is considered a key importer that Vietnam’s shrimp companies need retain their export value.
In the first ten months of 2019, Vietnamese shrimp exports to Singapore only saw increases in January, April and May, and decreased in the other months as compared to the same period of last year. Sales of shrimp to this country reached US$2.8 million in October 2019, down 11.9% from last year, leaving the accumulate sum of 23.9 US$million, a 9.8% year-on-year decline.
Vietnam mainly provides Singapore with fresh and frozen white leg shrimp meat (7-9 USD/kg), frozen black tiger shrimp (7-10 USD/kg), frozen peeled tail-on black tiger shrimp (5-7 USD/kg), and frozen white leg shrimp (5-7 USD/kg). The processed shrimp products account for low density.
According to statistics by ITC, in the first seven months of 2019 Singapore spent US$58.7 million importing shrimp, down 0.5% from last year. Vietnam is the biggest seller with 28% of total Singapore’s import value, trailing Malaysia in the second rank with 24.7%, China in the third rank with 21% and Thailand in the forth rank with 8%.
In the first seven months of 2019, Singapore only saw an increase in Malaysia’s shrimp sales (up 12.7%) among top four exporters and decrease from Vietnam, China and Thailand. Vietnam must compete in price against Asian countries like China, Thailand, India and Indonesia. Vietnamese shrimp exports to Singapore failed to increase because this market imposes tough regulations in quality and food safety and sanitation. Even many potential products from Vietnam fails to satisfy the requirements of model, presentation, and instruction and must export to an intermediate market. And yet, Singapore is considered an important market as it is sited in the strategic trading zone among the Asia, Australia, Europe, Middle East and US and Vietnamese companies need retain their export value to this country.