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Recovery in Honduran Shrimp Exports in November

HONDURAS
Thursday, December 05, 2024, 06:50 (GMT + 9)

The fall in exports of farmed shrimp in Honduras is explained, above all, by market problems in Taiwan, which fell from 11.6 to 4.2 tons.

The National Association of Aquaculturists of Honduras (Andah) projects that 2024 will close with an export volume of between 62.5 and 63 million pounds of shrimp, generating approximately $220 million in foreign exchange, according to Luis Rodríguez for El Heraldo.

Although these figures are lower than those of 2023, they represent a sign of stabilization after months of significant declines.

Latest available statistics. Source: ANDAH | Click on the image to enlarge

Recovery in November

In November 2024, shrimp exports showed signs of recovery by halting the decline compared to October. According to Andah data, as of November 30, 57,473,138 pounds were exported, a year-on-year decrease of 15,383,531 pounds compared to the 72,856,669 pounds recorded in November 2023. However, the year-on-year drop in October was even greater, with 15,624,606 fewer pounds, falling from 67,062,191 pounds in 2023 to 51,437,585 pounds this year.

The monthly increase recorded in November was due to higher sales compared to the same month in 2023, rising from 5,794,478 pounds to 6,035,553 pounds, an increase of 241,075 pounds. This performance helped contain the decline in total export value.

Sourcee: ANDAH

Impact on Foreign Exchange Earnings

From January to October 2024, foreign exchange earnings from shrimp exports fell from $225.4 million to $184.6 million, a difference of $40.8 million. Extending the analysis to November, the exported value decreased from $244.7 million in 2023 to $206 million in 2024, representing $38.7 million less.

Annually, Andah estimates that 2024 will close with an export volume of between 62.5 and 63 million pounds, far below the 78.9 million pounds in 2023, which generated $265.7 million.

Sourcee: ANDAH

Causes of the Decline

The decrease in exports is mainly attributed to market challenges in Taiwan, stemming from the severing of diplomatic relations with Honduras. This affected the traded volume, which fell from 23.3 million pounds in 2023 to only 8.4 million pounds in 2024, a difference of 14.8 million fewer pounds between January and November.

Similarly, the Mexican market recorded a year-on-year decrease of 5.4 million pounds, dropping from 20.4 million pounds in 2023 to 15 million pounds in 2024. This was due to a temporary fishing ban that lasted 70 days, from February 26 to May 7.

Fuente: ANDAH

Expectations for December

In December 2023, Honduras exported 6,038,988 pounds of shrimp, generating $21 million, figures that are expected to hold steady in the final month of 2024, partially consolidating the industry's recovery.

Although Honduras' shrimp industry faces significant challenges stemming from external factors like diplomatic relations and restrictions in key markets, November marked a turning point. Efforts to diversify markets and stabilize production will be crucial for strengthening the sector in the coming years.

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