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Seafood Commodity Prices in Singapore: What You Need to Know

Seafood Commodity Prices in Singapore: What You Need to Know

If you're a seafood lover in Singapore, then you're probably aware of how the prices of your favourite seafood can fluctuate. Seafood commodity prices in Singapore are affected by a variety of factors, including supply and demand, production costs, and global market trends. Understanding these factors can help you make informed decisions when it comes to buying seafood.

The seafood market in Singapore is a significant part of the country's economy, with seafood being a staple food item for many Singaporeans. The country imports a large portion of its seafood, with China, Indonesia, and Malaysia being the major suppliers. The market is highly competitive, with many players vying for a share of the market. As a result, prices can vary widely depending on the type of seafood and the time of year.

Factors affecting seafood commodity prices in Singapore include the cost of production, transportation, and storage, as well as global market trends and consumer behaviour. For example, if the cost of production increases due to rising fuel prices, this can drive up the cost of seafood. Similarly, if there is a sudden increase in demand for a particular type of seafood, prices may rise as suppliers struggle to keep up with demand. Understanding these factors can help you make informed decisions when it comes to buying seafood in Singapore.

Key Takeaways

  • Seafood commodity prices in Singapore are affected by various factors, including supply and demand, production costs, and global market trends.
  • The seafood market in Singapore is highly competitive, with many players vying for a share of the market.
  • Understanding the factors that affect seafood commodity prices can help you make informed decisions when it comes to buying seafood in Singapore.

Overview of Seafood Market in Singapore

If you're interested in seafood commodity prices in Singapore, you're in the right place. Singapore is a global exporter of seafood, and the industry is a significant contributor to the economy. In this section, we'll give you an overview of the seafood market in Singapore, including import and export dynamics and key seafood commodities.

Import and Export Dynamics

Singapore is a net importer of seafood, with the majority of its seafood coming from neighboring countries such as Indonesia and Malaysia. In 2022, the Singaporean Fish & Seafood market had total revenues of $779.2 million, representing a compound annual growth rate (CAGR) of 2.9% between 2017 and 2022. Market consumption volume increased with a CAGR of 1.1% between 2017 and 2022, to reach a total of 51 million kilograms in 2022.

Key Seafood Commodities

Some of the key seafood commodities in Singapore include fish, prawns, crabs, and lobsters. The retail price range for Singapore fish is between US$ 4.76 and US$ 19.05 per kilogram or between US$ 2.16 and US$ 8.64 per pound(lb). Other seafood commodities such as prawns, crabs, and lobsters are also available in the market, and their prices vary depending on the season and availability.

If you're in the seafood business, it's essential to keep an eye on the market trends and prices. The seafood market is highly competitive, and prices can fluctuate depending on various factors such as supply and demand, weather conditions, and global trade policies. It's crucial to stay up-to-date with the latest news and trends in the industry to make informed decisions.

In summary, the seafood market in Singapore is a significant contributor to the economy, with a wide range of seafood commodities available in the market. As a net importer of seafood, Singapore relies on neighboring countries for the majority of its seafood supply. Prices can fluctuate depending on various factors, and it's essential to stay up-to-date with the latest news and trends in the industry to make informed decisions.

Factors Affecting Seafood Commodity Prices

If you are wondering why seafood commodity prices in Singapore fluctuate, there are several factors that contribute to these changes. In this section, we will discuss some of the most significant factors that affect seafood commodity prices in Singapore.

Economic Indicators

Economic indicators, such as inflation and exchange rates, have a significant impact on seafood commodity prices. When inflation increases, the cost of producing seafood also increases, which can result in higher prices for consumers. Similarly, changes in exchange rates can affect the cost of importing seafood, which can also impact commodity prices.

Supply Chain Challenges

Supply chain challenges can also impact seafood commodity prices. For example, disruptions in the supply chain due to COVID-19 can result in lower supplies of seafood, which can drive up prices. Additionally, natural disasters or weather events can impact the supply of seafood, which can also result in higher prices.

International Trade Agreements

International trade agreements can also impact seafood commodity prices. For example, changes to tariffs or trade agreements can impact the cost of importing or exporting seafood, which can affect commodity prices. Additionally, competition from other countries can also impact prices.

Overall, seafood commodity prices in Singapore are influenced by a variety of factors, including economic indicators, supply chain challenges, and international trade agreements. By understanding these factors, you can better understand why seafood prices may fluctuate and how they may impact your budget.

Consumer Behaviour and Demand

When it comes to seafood commodity prices, consumer behaviour and demand play a significant role. Understanding these factors can help you make better decisions as a consumer and business owner.

Impact of Health Trends

Health trends have a significant impact on consumer demand for seafood. With more people becoming health-conscious, there is a growing demand for lean protein sources like seafood. According to the consumer price index, the price of fish and seafood rose by 5.6% year on year in April 2024. Despite this increase in price, seafood remains a popular choice for health-conscious consumers.

Supermarket Sales Data

Supermarkets play a crucial role in shaping consumer behaviour and demand for seafood. According to SFA, Singapore had 52,599 licensed food establishments and 16,104 importers in 2022. Supermarkets are the most popular place to buy seafood, with 76% of consumers purchasing seafood from supermarkets.

Supermarkets also influence consumer behaviour through their pricing strategies. For example, when meat, vegetables, and dairy prices increase, consumers may switch to buying seafood as a cheaper alternative. Supermarkets can take advantage of this by offering promotions and discounts on seafood products to attract more customers.

In conclusion, understanding consumer behaviour and demand is crucial when it comes to seafood commodity prices. Health trends and supermarket sales data are just two factors that play a significant role in shaping demand for seafood. By keeping these factors in mind, you can make better decisions as a consumer or business owner.

Frequently Asked Questions

What's the going rate for fresh sea bass around here?

The price of fresh sea bass in Singapore can vary depending on the season and availability. However, on average, you can expect to pay around SGD 30-40 per kilogram for fresh sea bass in local markets and supermarkets. Prices may be higher or lower depending on the size and quality of the fish.

Why's the price tag on seafood so hefty in our city?

The price of seafood in Singapore is affected by various factors, including transportation costs, import tariffs, and local demand. Due to Singapore's limited land area, most seafood is imported from other countries, which can increase the price. Additionally, Singapore's high standard of living and purchasing power can drive up demand and prices for certain types of seafood.

How's the frozen fish market shaping up these days?

The frozen fish market in Singapore is relatively stable, with a wide variety of frozen seafood available in most supermarkets and wet markets. Prices for frozen fish can be lower compared to fresh fish, making it a more affordable option for consumers. However, the quality and taste of frozen fish may not be as good as fresh fish.

What sort of fish are folks in Singapore buying most?

Some of the most popular fish in Singapore include salmon, sea bass, grouper, and snapper. These fish are commonly used in local dishes and are readily available in most supermarkets and wet markets. However, there is also a growing demand for sustainable and locally-sourced seafood, such as barramundi and tilapia.

Where can one find a decent wholesale fish market in town?

If you're looking for a wholesale fish market in Singapore, the Jurong Fishery Port is a popular destination. It is the largest fishery port in Singapore and is open to the public from 2 am to 6 am daily. You can find a wide variety of fresh seafood at wholesale prices, but be prepared to wake up early and navigate the crowds.

Just how much of our seafood's coming from overseas?

Due to Singapore's limited land area and lack of natural resources, most of the seafood consumed in Singapore is imported from other countries. According to the Agri-Food and Veterinary Authority of Singapore, around 90% of seafood consumed in Singapore is imported, with the top sources being Malaysia, Indonesia, and China.