Part 2/10:
This year, the price of fresh fish has surged by an average of 20%, marking the highest year-on-year increase in the past decade. This uptick is primarily driven by a combination of environmental, geopolitical, and economic factors affecting both supply and demand.
The Global Supply Chain and Import Dependency
Singapore's reliance on imported fish is significant. Only about 10% of its fish supply is sourced from local marine fisheries or aquaculture, with the remainder imported from countries like Indonesia, Vietnam, Thailand, and Malaysia. These countries are key suppliers, but their fishing industries are under increasing pressure due to environmental and geopolitical issues.