TAIPEI (TVBS News) — Honduras faces a significant economic challenge as its shrimp exports plummet nearly 25% in 2024, marking the steepest decline in the nation's aquaculture history, local media reported on Wednesday (Nov. 6). The downturn follows the diplomatic break with Taiwan in March of the previous year, according to El Heraldo.
The report illustrated that Honduran shrimp exports have been in the red since 2023, leaving shrimp farmers in dire straits. Juan Carlos Javier, president of the National Association of Aquaculturists of Honduras Andah, estimates the 2024 shrimp export volume at approximately 60 million pounds, a decrease of about 18.9 million pounds from 2023's 78.9 million pounds.
The shrimp export value for Honduras stands at US$220 million this year (around NT$7 billion), down from last year's US$260 million (around NT$8.3 billion), reflecting a US$45 million loss (around NT$1.4 billion). The loss of the Taiwanese market due to the annulment of the free trade agreement between the two countries plays a crucial role in this sharp decline.
By Oct. 31 this year, Honduras had exported 51.4 million pounds of shrimp, a drop of 15.6 million pounds compared to the same period last year. The export value decreased from US$220 million to US$180 million, indicating a US$40.8 million reduction. The primary factor behind the reduced export volume is the significant fall in shipments to Taiwan, which plummeted from 22.1 million pounds to 7.4 million pounds.
The Honduran shrimp industry now faces the challenge of finding alternative markets to mitigate the financial impact of losing Taiwan as a major trading partner.