Venezuela Lamar Group White Shrimp Event Update

Recently, Venezuela Lamar Group white shrimp incident caused widespread concern.It is reported that Lamar Group, as one of Venezuela's largest aquatic production and export enterprises, once accounted for 60%-70% of the country's white shrimp production, and its products were exported to China and other countries in large quantities.However, the company was caught in a serious crisis due to government intervention, resulting in uncertainty for many China importers.

The incident poses a huge risk to China importers, some of which have already been shipped to China importers who previously purchased large quantities of white shrimp from the group, but Venezuela's government had planned to return all containers in transit to factories.In order to help China importers solve problems, China Chamber of Commerce for Import and Export of Food, Native Produce and Livestock started coordination work as soon as possible after receiving the response, and conducted intense negotiations with Venezuela's Ministry of Fisheries for nearly a week through active communication with the Economic and Commercial Office of China Embassy in Venezuela.

On the evening of December 6, key progress was finally ushered in. Venezuelan Minister of Fisheries Loyo replied: In order to maintain the aquatic product trade relations between China and Venezuela, the Ministry of Fisheries and Lamar Group respect the previous agreement, and will release the goods that have been paid in full by China importers and arrived in Hong Kong as soon as possible and issue relevant certificates; Goods in transit and undelivered goods shall be handled according to the original agreement, but China enterprises shall transfer the remaining payment to new accounts, and the new management team of Lamar Group shall contact relevant enterprises one by one for specific matters.

This reply has brought a new turning point for China importers. The coordinated efforts of China Chamber of Commerce for Import and Export of Food, Native Produce and Livestock and the Economic and Commercial Office of China Embassy in Venezuela have achieved phased victory.The Chamber of Commerce said it would continue to pay close attention to the follow-up development of the incident and work closely with China importers to ensure smooth trade activities.It is believed that with the efforts of all parties, this incident will be properly resolved and the aquatic products trade between China and Venezuela is expected to return to the right track.