Among the ASEAN countries, Singapore is impressed by a rapid growth in importing Vietnamese pangasius in the first three months, regardless of inflation and the downward trend of consumption.
As of March 15, 2023, Vietnam achieved nearly USD 330 million from exporting pangasius, down 35% from the same period last year. Pangasius exports to Singapore reached USD 7 million, up 40% from the same period last year. Singapore ranks in the top eleven single importers of Vietnamese pangasius. The density of pangasius imports into this country rose from 1% to 2% as compared to the same period last year.
In the first half of March 2023 alone, exports of pangasius to Singapore reached nearly USD 2 million, up 77% from the same period last year. Among the ASEAN countries, Singapore is the second biggest importer of Vietnamese pangasius, after Thailand. The rise in exports to Singapore was somehow a compensation to the decrease in sales recorded in most of the ASEAN markets.
As of March 15, 2023, exports of frozen pangasius fillet to Singapore accounted for 11%, reaching over USD 700 thousand, up 23% from the same period last year. In the first half of March alone, exports of this category brought in USD 265 thousand, up 360% from the same period last year.
Southeast Asia, especially Singapore, is considered a highlight of growth and will enjoy benefits from China’s opening-up. GDP growth of the ASEAN section is estimated to reach 5.2% in 2023, much higher than other regions amidst the global soaring inflation.