September 2024 saw a significant decline in US chilled tilapia imports and prices. Data showed that imports of fresh tilapia fillets into the US at the end of September were down 18% year-on-year, while the total value of imports fell by 5% to 1,532 tons valued at $14.8 million. Industry insiders noted that the trend reflected "broad market challenges".

The decline in U.S. imports of fresh tilapia fillets was primarily due to reduced availability from major exporting countries such as Colombia, Brazil and Honduras. Colombia, a longtime supplier to the U.S. market, has seen a steady decline in exports so far this year. As of September, Colombia's total exports of fresh tilapia fillets to the U.S. stood at 595 tons valued at $6.2 million, down 43% and 28% year-on-year.

In contrast, Brazil, which began the year with strong export growth, saw its weekly exports drop slightly to 109 tons by September, from 117 tons in July. Nonetheless, Brazil's exports in September were up 130% year-on-year to 464 tons, valued at about $4.8 million.

Honduras has increased its exports to the U.S. market since May, reaching a peak of 101 tons per week in August, but declining in September to a level of 88 tons per week. Nonetheless, Honduran exports in September were up 22 percent year-on-year to 380 tons, valued at $3.4 million.

Meanwhile, Costa Rica's main tilapia exporter, Rainforest, lost export opportunities in June and July of this year due to an import warning from the U.S. Food and Drug Administration (FDA), which saw its market share plummet. The company's weekly export volume in September was only 20 tons, well below the 68 tons per week level in January. Rainforest's future export volumes are highly uncertain due to its current Chapter 11 status.

The decline in imports of fresh tilapia fillets into the U.S. market has been accompanied by a steady decline in prices. Since the first half of 2024, the price of fresh tilapia fillets FOB (free on board) Miami has fallen by about $0.80 per pound to below $4 per pound by the end of October. Some large U.S. buyers are getting even lower prices.

Demand for frozen tilapia fillets was more stable than for fresh tilapia fillets. Frozen tilapia fillet exports from China and Indonesia filled some of the gap in the fresh fillet market. Although China's total exports to the United States declined by 7 percent year-on-year, a strong performance in September boosted the overall performance for the year, while Indonesia's exports have increased by 21 percent year-to-date. If exports of frozen tilapia fillets from Asia remain stable, total exports at the end of 2024 may approach the level of 2023, with weekly imports reaching about 1,815 tons.