Shrimp exports from Honduras to Taiwan are experiencing a significant decline. According to recent data from the National Aquaculturists Association of Honduras (Andah), seafood exports to Taiwan plummeted by 59.52% in the first four months of the 2023-2024 period, compared to the previous year.

Export Figures and Impact

In concrete terms, the volume of exports dropped from 8.4 million to 3.4 million pounds during this period, translating to a reduction of 5,039,955 pounds. This decline had substantial economic repercussions, with foreign exchange earnings falling from USD 26.2 million to 18.5 million. Furthermore, the average price per pound also saw a decrease, dropping from USD 3.10 to 2.35.

The primary reason behind this downturn is attributed to the 20% tariff imposed on Honduran shrimp exports to Taiwan since December 5, 2023. This tariff was implemented following Honduras’ decision to establish diplomatic relations with the People’s Republic of China, leading to the severance of ties with Taiwan. The tariff has directly impacted the competitiveness of Honduran shrimp in the Taiwanese market.

Taiwan: A Key Market

Taiwan has been a crucial market for Honduran shrimp since 2022, surpassing Mexico as the primary destination for their exports. In 2022, 29.1 million pounds of shrimp were exported to Taiwan, but by 2024, this figure had decreased to 24.3 million pounds. The decline in exports last year was due to multiple factors, including decreased demand for fresh shrimp and the imposition of tariffs.

Despite these challenges, there is a glimmer of hope for Honduran shrimp farmers with the reopening of the Mexican market. The resumption of exports to Mexico will provide some relief to the national aquaculture sector, offering alternative avenues for growth and market diversification amidst the ongoing trade disruptions with Taiwan.