Ample room to increase Vietnamese coffee exports to Singaporean market
VOV.VN - With Vietnamese coffee accounting for only 2.2% of the market share in Singapore, there are sanguine prospects ahead for the product to further make inroads into the demanding market moving forward, according to the Vietnam Trade Office in Singapore.
Statistics indicate that Vietnam’s coffee exports to Singapore skyrocketed by 157% in the first quarter of the year to reach about US$2.01 million.
Vietnam exported five coffee products coded HS0901, HS 09011120, HS 09011130, HS09012120, and HS 09012111 to the demanding market during the first quarter. However, these types of coffee made up a small proportion of only 3.64%, 7.24%, 14.04%, 0.74%, and 0.02%, respectively, in the market.
Experts believe that despite its small population size, Singapore's coffee import value remains at a relatively high at between SGD140 million and SGD150 million per year.
Meanwhile, Vietnamese coffee exports to Singapore account for about 2.2% of the total market share, that means there is a wealth of export opportunity out there.
Along with domestic consumption demand, Singapore is also a leading transshipment trade hub in the region which will become a gateway for Vietnam as it strives to accelerate the export of coffee products to third countries.
Currently, the Vietnam Trade Office in Singapore has actively worked alongside local businesses to provide Singaporean importers with timely information regarding coffee products whilst supporting local firms to participate in trade fairs in order to increase the presence of their goods in this market.
