Bangladesh, the country takes the forefront in global hilsa fish production, commanding prices ranging from Tk 900 to Tk 2,000 per kg. Conversely, in Singapore, hilsa fish is priced between $7.5 and $10 equivalent to Tk 600 to Tk 800 per kg.
Singapore usually sources its fish, meat, eggs, and vegetables from countries such as Myanmar, Bangladesh, Pakistan, India, and Malaysia. Notably, a large portion of fish imports comes from Myanmar.
Mentionable, the expatriates from Bangladesh, India and Myanmar are the main consumers of these fishes in Singapore.
Some small fishes are imported from Bangladesh while the expatriates, working in Singapore, buy the fishes at a higher price. Apart from this, people going for medical treatment and travelling here in Singapore also look for local fish in hotel and restaurants.
The products are kept in the marts especially around Mustafa Centaur at Little India in Singapore, where a large number of Bangladeshi and Indian expatriates are living.
Three pieces of hilsa fish are being sold for $10 in E-Hong Mini Mart, a China-based shop at Daykar Road in Little India, Singapore.
According to the currency exchange rate fixed by Bangladesh Bank, one Singapore dollar equals Tk 80.83 on Wednesday.
After weighing various three-piece hilsa packets, it was determined that they ranged from 1.3 to 1.4 kg, resulting in an individual hilsa weight of 433 to 470 grams.
By calculating this price and weigh, in Singapore, a Bangladeshi or Indian expatriate can buy hilsa for Tk 630 per kg.
A three-piece hilsa packet of slightly larger size (500-700 grams) is being sold for $14 or Tk 1131. Accordingly, 1 kg of hilsa fish stands at Tk 475-540.
Commodity Connect, a Bangladesh-based fish importing company in Singapore, provides a three-piece packet of small hilsa for $7 or Tk 565 and a three-piece packet of slightly larger hilsa for $10 or Tk 810.
Meanwhile in Bangladesh, 400 to 450 grams of hilsa is being sold at Tk 378 each in super shops including Shwapno and Agora, so the buyers in Bangladesh have to spend Tk 945 per kg to buy hilsa of that quality.
In these super shops, hilsa of slightly larger size (1.2-1.5 kg) is being sold for Tk 1600 per kg. Hilsa is currently being sold at almost the same price in the capital’s fish markets.
Speaking to The Business Post, Managing Director of E-Hong Shariful Ahmed said, “In Singapore, the primary source of farmed fish, including hilsa, is Myanmar, despite Bangladesh being a larger producer of hilsa.
As there is no approval for hilsa export in Singapore from Bangladesh, we are compelled to procure it from Myanmar. Our customer base for hilsa includes expatriates from Bangladesh, Myanmar, and India. We price our hilsa products to ensure not only a break-even but a substantial profit margin”
He added, “Periodically, we also roll out various promotional offers on hilsa. Bangladesh ranks first among the top 10 countries in the world for hilsa production, while Myanmar stands as the third-largest producer."
According to a report by World Fish in 2015, Bangladesh accounts for 65 per cent of global hilsa production. India contributes 15 per cent, while Myanmar, along with countries bordering the Arabian Sea, Pacific, and Atlantic Oceans, make up the remaining 10 per cent.
High cost and complications in certification
Sakhawat Hossain Sharif, in-charge of the Commodity Connect said, “A substantial portion of our stock, including hilsa, comprises larger fish varieties like Rui, Katla, Boal, Shoal, and Ail Tilapia, which are primarily sourced from Myanmar. Additional supplies come in from Pakistan and Malaysia. Importing these fishes directly from Bangladesh is impractical for two main reasons.
Firstly, the prices in Myanmar are considerably more competitive compared to those in Bangladesh. This cost differential makes it challenging to conduct business by sourcing from Bangladesh.”
Importing fish from Myanmar allows us to turn a profit even after accounting for import expenses, warehousing fees, and delivery costs, he added.
Giving an example, he said, “When we procure Pabda fish from Myanmar, the cost is under $6 per kg. However, if we opt for Pabda fish from Bangladesh, the price exceeds $11 per kg.”
Another factor to consider is the prolonged certification process. It can efficiently test and transport the fish in containers from Myanmar within one or two days. Conversely, if one opts to source it from Bangladesh, the process extends to a week.
This extended timeline is a deterrent for most fish importers in Singapore, owing to the multiple complexities and lack of cooperation from officials in the Department of Fisheries, he also said.
According to Export Promotion Bureau (EPB) data, export earnings of frozen and fresh fish, including shrimp, fell by 21 per cent to $42.2 million in the last fiscal year.
Meat prices also affordable
In Singaporean minimarts, beef is available at $10 per kg or Tk 882 per kg, whereas in Bangladesh, it ranges from Tk 1100 to Tk 1300 per kg.
