Honduras Eyes Taiwan & South Korea for Shrimp Exports Amidst Shifting Diplomatic Ties

Honduras seeks new markets after a significant drop in shrimp exports following a diplomatic shift away from Taiwan.

Honduras is actively pursuing market opportunities in Taiwan and South Korea to revitalize its whiteleg shrimp farming industry, as stated by Enrique Reina, the Honduran Foreign Minister, in a recent interview.

“We are working with Taiwan to explore possibilities, and with South Korea to address sanitary issues to gain access. We are working to support the shrimp farming sector,” Reina explained in an interview with Honduran media.

Reina's comments come after a recent visit to China to commemorate the second anniversary of diplomatic relations between the two nations. This shift in diplomatic recognition, which occurred in March 2023, has had a notable impact on Honduras's shrimp exports.

Data from the Asociación Nacional de Acuicultores de Honduras (ANDAH) reveals a 67% decrease in shrimp exports. These exports plummeted from 20.7 million pounds in 2022 and 20.3 million in 2023, to just 6.6 million pounds in 2024. Before the diplomatic shift, Taiwan was a key market, absorbing nearly 40% of Honduran shrimp exports, benefiting from a free trade agreement offering favorable prices.

The free trade agreement between Honduras and Taiwan, established in 2008, ended in December 2023 after Tegucigalpa notified Taipei of its withdrawal from the deal in June 2023, as reported by Radio América.

Meanwhile, La Prensa reports a minimal import of whiteleg shrimp by China, with only four containers imported in total in 2024 and this year. The Honduran central bank – Banco Central de Honduras – data reveals a trade deficit exceeding US$2.5 billion with China in 2024. Discussions regarding a free trade agreement between Beijing and Tegucigalpa, which commenced in July 2023, are still ongoing.