Honduras has suffered losses reaching around USD 20 million so far this year. The closure of the Taiwanese market has been the main contributor to this financial loss.

A Bright Spot Amidst Challenges

Despite the setback, there’s still hope that the figures can be reversed and improved by expanding into new markets like China. Prior to the market closure, Honduras was generating around USD 220 million in foreign currency from shrimp exports annually.

Honduras has made significant progress in exporting shrimp to China. In June, two agreements were signed with Chinatex and China Ctexic Corporation, covering the sale of shrimp at the International Fisheries and Seafood Exhibition. The first purchase agreement covers two containers, and export forecasts for 2024 stand at 5.75 million pounds, equivalent to 250 containers.

Awaiting Government Approval

Before exports can begin, an early harvest agreement needs to be approved by both the Honduran and Chinese governments. The bill is currently pending in the Secretariat of the National Congress (CN).