For those of you who dislike seafood or are allergic to them, lucky you.
Seafood lovers may not be so happy about this as seafood prices are increasing due to limited supplies.
You can watch this video for a summary of what has happened:
View this post on Instagram
Supplies are Affected Due to Monsoon
One of the reasons the supplies are affected is due to the monsoon. Bad weather causes seafood like prawns, red grouper, and pomfret to be in shorter supply.
Mr Kelvin Lim, the director of Ariki Seafood, said that the supply of fresh seafood from his Malaysian and Indonesian suppliers has decreased over the past two months.
Mr Kenny Chua, the director of Hup Peng Trading, said that the effects of bad weather on seafood supply usually start in November, when the monsoon season starts.
The monsoon in places such as Malaysia prevented fishermen from going out to sea. The level of supply for red grouper and pomfret dropped by 50 per cent.
The Rising Cost of Petrol is Another Reason
Other than the weather, the rising cost of petrol in Malaysia, Indonesia, and Thailand are contributing to the decreasing supply.
While some of us are here cutting down on the usage of our cars due to increasing petrol prices, fishermen do not want to spend so much petrol on their boats too.
This problem actually began four to five months ago. Mr Lim added that the types of fish most affected by this are red grouper and pomfret, with the level of supply for both kinds of fish dropping by 50 per cent.
As such, Mr Lim had to increase his prices to customers, including retail shoppers, by around 10 to 15 per cent.
Mr Chua on the other hand, increased his prices by 15 per cent. He now charges S$26 to S$28 per kg for red grouper, whereas he charged S$24 last month.
How Suppliers Handle This Issue
Suppliers handle this by stocking up as much as they can.
Mr Lim added that his business is not as affected as he imports only around 20 per cent of fresh seafood. The other 80 per cent of the seafood is reared and harvested in Singapore farms.
But wait: Chinese New Year is coming, which means…
Prices are Expected to Rise Even More During the Chinese New Year
Prices are expected to increase further as Chinese New Year draws closer on 22 January 2023.
Advertisements
Mr Chua expects the seafood suppliers to increase their prices by more than 20 per cent.
The Seafood Industries Association advised the public to stock up to prepare for the festive seasons. In addition, there is currently no shortage of supply of frozen seafood.
Read Also:
- GrabFood Small Order Fees Suddenly Increased to Up to $1K for an Order Due to a Glitch
- Taiwanese TV Personality Claimed a Married S’pore ‘Ah Ge’ Had Sent Inappropriate Texts to Her
- Why Ong Ye Kung Appearing in JJ Lin’s Concert is Such a Big Deal
- Aaron Carter, Brother of Backstreet Boys’ Nick, Allegedly Dies at Age 34
- Everything About Avatar: The Way of Water, a Long-Awaited Sequel That’ll in in Cinemas on 15 Dec
Featured Image: TravellingFatman / Shutterstock.com
Read Also:
- You Can Soon See “Northern Lights” in Gardens by the Bay & It’s Free
- Everything About the Eta Aquarids Meteor Shower That’ll Be in S’pore Sky in May
- S’porean Killed in Spain Had Bought Insurance Policy from Suspect
- Everything About the 15YO Who Lived in a Circuit Road Market Stall
- Walk-Ins for Some Traffic-Related Service in TP Be Discontinued & People Have Book Appointments Instead
- Certain Parts of Telok Blangah Hill Park to be Closed for 2 Years After Slope Failure
Advertisements
