Written Reply to Parliamentary Question on Rising Fish Prices by Ms Grace Fu, Minister for Sustainability and the Environment
Mr Melvin Yong Yik Chye: To ask the Minister for Sustainability and the Environment (a) how much have prices of fresh fish increased over the past six months; and (b) whether the trend of rising prices for fresh fish is expected to continue into 2023.
1 Factors such as climate change, adverse weather conditions, and increases in the costs of feed and energy have resulted in supply shortages and price fluctuations for various food items including fish. On a seasonally adjusted basis, fish & seafood prices rose by 4.7% over the 6-month period from February 2022 to August 2022.
2 As Singapore imports more than 90% of our food, we are not able to isolate ourselves from food supply disruptions or price fluctuations. Nonetheless, we work to reduce the impact by diversifying our food sources and ramping up local production. Today, our supply of seafood is relatively well diversified with import sources from about 80 countries. We are also building capabilities and capacity to transform our local aquaculture sector into a highly productive, climate-resilient, and resource-efficient one.
3 Businesses can also take steps to contribute to our resilience by implementing Business Continuity Plans, while consumers can contribute by being flexible with our food choices.