Problems related to the foreign exchange earnings of Surinam's shrimp industry

The shrimp grounds of Surinam are actually fully exploited by some 136 trawlers of the Florida type, ranging from 100 to 130 GRT. Through export and import levies and fishing licence fees the country was able to obtain a small piece of the foreign currency cake. The Republic of Surinam has been looking for means to increase the benefits from its shrimp business. The alleged huge profits made by foreign vessels inspired the country to invest in a national shrimp fleet and man it with national crew (SUGAM). For reasons explained in the text Sugam has difficultes to operate with a gain. This paper will review Sugam's attempt to earn hard currency. An analysis is made of the foreign exchange earnings of Sugam and is compared with the results of a Korean company. The main conclusions are as follows : shrimp exploitation in a fully exploited Exclusive Economic Zone can only be brought to success by fishermen of proven ability. Each vessel should make trips lasting from 45 to 60 days and be some 280 days at sea per year. Surinam should also reconsider its present policy of shrimp purchasing.