EU Consumes the Most Vietnamese Tilapia

11:24:46 AM | 2/23/2024

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

In 2023, EU consumes 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 it increased 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 reached more than 1 million USD, an increase of 10% compared to 2022.

Behind the EU, the US consumed nearly 1 million USD in 2023, down 71% compared to 2022. This market fluctuated 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 around the world, an increase of 13% over the same period. China is the world's largest supplier of tilapia and the largest one 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 decreasing by 62%, Belgium decreasing by 56%, Italy decreasing by 38%, and the UK decreasing 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.

Source: VGP