Việt Nam's tilapia exports reached $90 million in the first eight months of the year, a 43 per cent increase compared to the same period last year. — VNA/VNS Photo

HÀ NỘI — Brazil is emerging as a key market for Vietnamese tilapia with import value surging sharply by more than 222 times to US$44 million in the first eight months of the year.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in August, exports totaled $4 million. The cumulative figure for the eight-month period reached $44 million, 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 in sales, Brazil currently accounts for nearly 49 per cent of Việt Nam'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 in the first eight months of the year, a 43 per cent increase compared to the same period last year. In August alone, export turnover for this fish reached $11 million.

Japan recorded a 77 per cent increase, with export value reaching $2 million. 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, a 50 per cent increase, with significant contributions from Japan and Mexico.

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

Exports to the US totaled $21 million, a decline of 48 per cent. 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 in 2025 to approximately $21 billion by 2035, an increase of 35.5 per cent. The compound annual growth rate (CAGR) for the 2025-35 period is expected to reach 3.1 per cent.

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. — BIZHUB/VNS