In an effort to explore new avenues for growth, six prominent shrimp companies from Honduras along with a marketing firm are gearing up to participate in the upcoming International Seafood & Fisheries Expo in China. This strategic move aims to tap into the vast Chinese market and establish lucrative trade partnerships.

Challenges in Accessing the Chinese Market

Javier Amador, the executive director of the National Aquaculturists Association of Honduras (Andah), highlighted the challenges faced by the Honduran shrimp industry in entering the Chinese market. Despite the favorable tariff terms negotiated between the two countries, the main obstacle remains the pricing structure demanded by Chinese buyers.

Chinese buyers are currently offering a rate of four dollars per kilogram of frozen shrimp, reflecting the farm price. In contrast, the Honduran aquaculture sector is aiming for a price of USD 5.60 per kilogram, aligned with what Taiwan pays for Honduran shrimp.

Business Conference and Government Support

The upcoming exhibition in Fuzhou presents a crucial opportunity for shrimp farmers and marketers to engage directly with potential Chinese buyers. To facilitate these important connections, the Ministry of Foreign Affairs and the Ministry of Economic Development of Honduras will host a dedicated stand at the event.

The stand, set up by the Honduran government agencies, will include essential amenities such as refrigeration units for preserving seafood samples, exhibition spaces, preparation areas, and tasting sections. These provisions are designed to showcase the quality and variety of Honduran shrimp products to interested parties at the exhibition.

Market Outlook and Industry Developments

Fredis Cerrato, the Secretary of Economic Development, emphasized that China represents a significant market expansion opportunity for the Honduran aquaculture industry. While facing recent challenges with reduced imports from Taiwan and market restraints in Mexico, Honduran shrimp producers remain optimistic about the prospects in China.

Despite current market fluctuations, Andah’s projections suggest a potential decline of around 10 million pounds in exports from Choluteca and Valle regions by 2024. In 2023, exports amounted to 78.9 million pounds valued at USD 265.7 million.