Photo: VASEP/FIS

The EU is the market that consumes the most Vietnamese tilapia

VIET NAM
Tuesday, February 13, 2024, 07:00 (GMT + 9)

Vietnam tilapia exports in 2023 will reach more than 6 million USD to markets, down 42% compared to 2022.

In 2023, the EU continues to be the market consuming the most tilapia from Vietnam with 2 million USD, down 34% compared to 2022. The fourth quarter of 2023 recorded the highest value of this market when increasing. Continuous positive growth for all 3 months, after a consecutive decline in the first 9 months of the year. Of which, the Netherlands contributes nearly half of total Vietnamese tilapia exports to the EU. In 2023, cumulative pangasius exports to the Netherlands will reach more than 1 million USD, an increase of 10% compared to 2022.

Behind the EU, the US consumes nearly 1 million USD in 2023, down 71% compared to 2022. This market often fluctuates erratically in 2023. In the last month of 2023, the US suddenly increased tilapia imports. Tilapia export turnover to the US in December 2023 reached more than 200 thousand USD, up 78% over the same period while the previous month this country had almost no imports.

Frozen tilapia is a favorite product among consumers in the US. In the first 11 months of 2023, the US imported 84,822 tons of frozen tilapia fillets from the world, an increase of 13% over the same period. China is the world's largest source of tilapia and is also the largest source for the US. Vietnamese tilapia in the US is difficult to compete with Chinese tilapia, because Vietnam's average price is much higher even though it is on a downward trend.

In addition, Vietnamese tilapia exports to some other markets also witnessed negative growth such as: Japan decreased by 62%, Belgium decreased by 56%, Italy decreased by 38%, the UK decreased by 85%.

Tilapia is a fast-growing farmed species with increased production. Currently, tilapia products originating from China and Taiwan are dominating the global market. Although Vietnam's tilapia export turnover is still modest, there has been a positive growth trend in the past few years.

Author/source: Thu Hang/VASEP (translated from original in vietnamese)

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