Taiwan is keen on exploring shrimp trade opportunities with Ecuador, according to Augusto H.T. Liao, the government representative of the Taipei-Taiwan Trade Office. Over the past few years, the trade relations between Taiwan and Ecuador have been on an upward trajectory. Prior to 2020, the bilateral trade volume stood at USD 150 million. However, in 2023, this figure more than doubled, reaching an impressive USD 300 million.

Shrimp Industry Prospects

Ecuador’s shrimp industry is a significant player in the global market. Currently, 60% of Ecuador’s shrimp exports are directed towards China. However, there has been a noticeable drop in shrimp prices in the Chinese market. For a standard one-kilo box of shrimp, Ecuadorian shrimp farmers are receiving USD 10.5, which is nearly three times more than what China pays, at USD 3.7 per kilo.

Discussions with Ecuadorian shrimp business leaders have been initiated to enhance the quality of shrimp products. This includes ensuring firmer meat and impeccable refrigeration during transportation. Taiwan, which currently produces only 5% of the shrimp it consumes, imports a significant 95%. Ecuador, with its thriving shrimp industry, presents a lucrative opportunity.

Promising Initiatives

In a positive development, a delegation of Taiwanese businessmen visited Ecuador on January 8, 2024, with expectations of a second visit in the near future. Ecuador, with a population of over 18 million people who have a strong appetite for seafood, particularly shrimp, stands to gain from fostering closer trade ties with Taiwan. The prospect of developing value-added shrimp products and tapping into Taiwan’s seafood market holds immense potential.