In this study, we investigated the export performance and competitiveness of Chinese and Indonesian tilapia in the US market. We analyzed the factors that influence exports by using the constant market share model according to data from the USDA aquaculture database between 1996 and 2017. The results showed that the changes in the US market demand had a great impact on the tilapia industry in China and Indonesia but especially the latter. During 2014–2017, the product structures in China and Indonesia were not suitable to meet the demands of the US market, but Indonesian tilapia products exhibited stronger export performance compared with those from China. Changing the current status requires efforts to promote the transformation of Chinese tilapia into low supply, high quality, and high price products.