TCDN – In the first half of 2023, Vietnam exported 43,186 tons of cinnamon, and the total export turnover reached 129.2 million USD, up 0.4% in value.
According to preliminary statistics of the Vietnam Pepper Association, in June 2023, Vietnam exported 9,292 tons of cinnamon, and and total export turnover reached 28.5 million USD, compared to May, the export volume increased by 0.8 %, and turnover increased by 4.0%.
India and the United States are the two main export markets of Vietnamese cinnamon, and exports to India reached 4,693 tons, up 32.2% and accounting for 50.5% of the export market share in the month. The United States accounted for 12.1% reaching 1,122 tons.
The leading cinnamon exporters include Prosi Thang Long (reached 1,455 tons), T&K Green Forest (reached 597 tons), Olam Vietnam (reached 460 tons), and Senspice (459 tons).
Vietnam exported more than 43 thousand tons of cinnamon in the first half of the year.
Generally in the first 6 months of 2023, Vietnam exported 43,186 tons of cinnamon, and total export turnover reached 129.2 million USD, up 25.1% in volume and 0.4% in value over the same period in 2022.
The average export price of cinnamon in the first 6 months of 2023 reached 2,992 USD/ton, down 737 USD compared to the same period last year.
India, the United States and Bangladesh are the three main export markets of Vietnamese cinnamon, accounting for 67.1% of which India ranks first with 17,380 tons, up 35.4%; The United States reached 5,000 tons, down 4.5%; Bangladesh reached 4,271 tons, up 60.7%. Cinnamon exports also increased in the markets of China, Egypt, Indonesia, Turkey and Poland.
Vietnam is currently the third largest cinnamon producer in the world, after Indonesia and China. Vietnam cinnamon products are consumed in many markets such as the US, EU, China, India… The export value of Vietnam’s cinnamon has continuously increased over the years, and in 2022 alone, it will reach about 276 million USD. The area of cinnamon in Vietnam reaches about 150,000 hectares, accounting for 17% of the global cinnamon area.
Many analyzes show that, within the next 10 years, the world organic spice market will grow at least 4.6% per year and reach a total value of 15 billion USD. Particularly for the cinnamon market, from now to 2025, the average growth rate will be 14% per year. This is a great opportunity for Vietnam when cinnamon is a very popular spice in other countries.
