It is expected that in 2022, the export value of cinnamon will reach about 276 million USD. The main markets for Vietnamese cinnamon are India and the US.
The export value of cinnamon in 2022 is expected tol reach about 276 million USD. (Photo: TL)
According to data from the General Department of Forestry (Ministry of Agriculture and Rural Development), up to now, the total area of cinnamon in the country is about 170,000 ha. Among them, cinnamon is grown centrally in provinces such as Lao Cai, Yen Bai, and Quang Nam. These three provinces account for about 70% of the total cinnamon area in the country. The annual quantity of cinnamon shells is estimated at 0.9 – 1.2 million tonnes. The average production of cinnamon harvest is 70 – 80 thousand tonnes/year.
Export value of Vietnamese’s cinnamon has continuously increased, reaching 245.4 million USD in 2020 and 274 million USD in 2021. It is expected that in 2022, the export value of cinnamon will reach about 276 million USD. The main markets for Vietnamese cinnamon are India and the US. The export values to these two markets are 90.7 million USD and 54.2 million USD, respectively.
According to the assessment of Mr. Nguyen Van Dien – Director of the Department of Forestry Production Development (General Department of Forestry), cinnamon still has much potential to develop because the demand from high-quality markets such as the US and Europe is constantly increasing.
In addition, Vietnam also benefits from many new generation trade agreements such as the Comprehensive Partnership and Trans-Pacific Progress Agreement, VPA/FLEGT Agreement. Various tariffs for wood and wood product imports are reduced or eliminated./.