ASEAN: Market for Cod, Salted or in Brine 2024

Market Size for Cod, Salted or in Brine in ASEAN

The ASEAN market for cod, salted or in brine dropped to $X in 2022, shrinking by -4.3% against the previous year. In general, consumption continues to indicate a pronounced downturn. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Cod, Salted or in Brine in ASEAN

In value terms, cod, salted or in brine production declined slightly to $X in 2022 estimated in export price. Over the period under review, production showed a deep reduction. The growth pace was the most rapid in 2018 when the production volume increased by 40% against the previous year. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production stood at a somewhat lower figure.

Exports of Cod, Salted or in Brine

Exports in ASEAN

After two years of growth, overseas shipments of cod, salted or in brine decreased by -27.2% to X tons in 2022. Overall, exports, however, saw significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 920%. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, cod, salted or in brine exports fell markedly to $X in 2022. Over the period under review, exports, however, continue to indicate significant growth. The pace of growth appeared the most rapid in 2014 when exports increased by 1,099% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then dropped dramatically in the following year.

Exports by Country

Vietnam was the largest exporting country with an export of about X tons, which reached 81% of total exports. Singapore (X tons) took a 13% share (based on physical terms) of total exports, which put it in second place, followed by Myanmar (6.1%).

From 2012 to 2022, average annual rates of growth with regard to cod, salted or in brine exports from Vietnam stood at +31.5%. At the same time, Singapore (+52.8%) and Myanmar (+19.8%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +52.8% from 2012-2022. While the share of Singapore (+9.5 p.p.) and Myanmar (+6.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Vietnam (-15.7 p.p.) displayed negative dynamics.

In value terms, Vietnam ($X) remains the largest cod, salted or in brine supplier in ASEAN, comprising 88% of total exports. The second position in the ranking was held by Singapore ($X), with a 9.4% share of total exports.

In Vietnam, cod, salted or in brine exports expanded at an average annual rate of +44.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Singapore (+59.6% per year) and Myanmar (+10.5% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, waning by -7.7% against the previous year. Overall, the export price, however, posted a resilient increase. The most prominent rate of growth was recorded in 2014 when the export price increased by 79% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2021, and then contracted in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+10.2%), while the other leaders experienced mixed trends in the export price figures.

Imports of Cod, Salted or in Brine

Imports in ASEAN

In 2022, cod, salted or in brine imports in ASEAN dropped rapidly to X tons, declining by -22.1% compared with 2021. Overall, imports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2019 when imports increased by 1,253% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, cod, salted or in brine imports fell dramatically to $X in 2022. Over the period under review, imports saw a deep setback. The pace of growth appeared the most rapid in 2019 when imports increased by 875%. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Vietnam (X tons) was the key importer of cod, salted or in brine, committing 85% of total imports. It was distantly followed by Singapore (X kg), mixing up a 15% share of total imports.

Vietnam was also the fastest-growing in terms of the cod, salted or in brine imports, with a CAGR of +68.5% from 2012 to 2022. Singapore (-4.5%) illustrated a downward trend over the same period. While the share of Vietnam (+84 p.p.) and Singapore (+14 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported cod, salted or in brine in ASEAN, comprising 73% of total imports. The second position in the ranking was taken by Singapore ($X), with a 26% share of total imports.

In Vietnam, cod, salted or in brine imports expanded at an average annual rate of +56.6% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, stabilizing at the previous year. Over the period under review, the import price faced a abrupt shrinkage. The growth pace was the most rapid in 2017 when the import price increased by 197% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Vietnam totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (-3.5%).

Source: IndexBox Platform