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Vietnam exported 43 thousand tons of cinnamon in the first half of 2023

14 July, 2023 

 

Vietnam has been making significant strides in the global cinnamon export market, with the first half of 2023 witnessing impressive […] Vietnam has been making significant strides in the global cinnamon export market, with the first half of 2023 witnessing impressive growth. This article explores the latest export figures and key markets.
cinnamon

Export in the first half of 2023

Vietnam exported 43,186 tons of cinnamon, total export turnover reached USD 129.2 million, an increase of 25.1% in volume and an increase of 0.4% in value over the same period in 2022. The average export price of cinnamon in the first six months of 2023 reached USD 2,992/ton, a decrease of USD 737 compared to the same period last year.

Export in June
In June alone, Vietnam exported 9,292 tons of cinnamon, generating an export turnover of 28.5 million USD. This marked a 0.8% increase in export volume and a 4.0% increase in turnover compared to May. India and the United States remained the primary export markets, with India accounting for 4,693 tons (50.5% market share) and the United States accounting for 1,122 tons (12.1% market share).

Key export markets
India, the United States, and Bangladesh emerged as the top three export markets for Vietnamese cinnamon, accounting for 67.1% of the total exports. India took the lead with 17,380 tons, experiencing a remarkable growth rate of 35.4%. The United States followed with 5,000 tons, while Bangladesh witnessed a substantial increase of 60.7% with 4,271 tons.

Growing opportunities and expansion 
Apart from the main export markets, Vietnam also experienced positive growth in cinnamon exports to other countries. China, Egypt, Indonesia, Türkiye, and Poland showcased promising growth potential, opening new doors for Vietnamese cinnamon in the global market.

Vietnam is currently the world's third-largest producer of cinnamon, following Indonesia and China. Vietnamese cinnamon products are consumed in various markets, including the US, EU, China, and India. The export value of Vietnam's cinnamon has been consistently increasing over the years, with a notable achievement in 2022 when it reached approximately USD 276 million. The cinnamon cultivation area in Vietnam spans around 150,000 hectares, accounting for 17% of the global cinnamon cultivation area. Moreover, many analyses 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 USD 15 billion. Particularly for the cinnamon market, from now to 2025, the average growth rate would be 14% per year. This is a great opportunity for Vietnam when cinnamon is a very popular spice in other countries. 


Origin: daibieunhandan.vn

 
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