According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in August, exports totaled 4 million USD. The cumulative figure for the eight-month period reached 44 million USD, a surge of more than 222 times the level recorded a year earlier.

This dramatic spike primarily reflected a massive expansion in export volume from a very low baseline in the same period last year.

With 44 million USD in sales, Brazil currently accounts for nearly 49% of Vietnam's total tilapia export value for the eight-month period, establishing itself as a vital market for the industry.

Across all export markets, tilapia exports reached 90 million USD in the first eight months of the year, a 43% increase compared to the same period last year. In August alone, export turnover for this fish reached 11 million USD.

Japan recorded a 77% increase, with export value reaching 2 million USD. Notably, brackish-water tilapia has begun to make inroads into the sushi and sashimi segments of this market.

Exports to CPTPP countries reached 6 million USD, a 50% increase, with significant contributions from Japan and Mexico.

In the Middle East, exports to Saudi Arabia reached 7 million USD, up 23%, while the EU market accounted for 4 million USD, up 7%, with Belgium serving as a key driver of this growth.

Exports to the US totaled 21 million USD, a decline of 48%. Purchasing power in this market has yet to show a clear recovery, while relatively high inventory levels have made importers more cautious regarding new orders.

The global tilapia market is projected to grow from 15.5 billion USD in 2025 to approximately 21 billion USD by 2035, an increase of 35.5%. The compound annual growth rate (CAGR) for the 2025-35 period is expected to reach 3.1%.

Tilapia has the potential to serve as an alternative raw material in specific market segments, provided it meets requirements regarding quality, product specifications, traceability and sustainability certifications. Enterprises can focus on deep processing, product diversification and meeting the specific demands of individual markets./. VNA