In the first 5 months of 2024, Vietnam exported 33,528 tons of cinnamon, with a turnover of 96.3 million USD, and 5,475 tons of star anise, with a turnover of 27.5 million USD. India continues to be the largest import market for these two products from Vietnam.
According to the Vietnam Pepper and Spice Association (VPA), in May 2024, Vietnam exported 11,176 tons of cinnamon, with a total export turnover of 31.1 million USD. Compared to April, export volume increased by 75.0% and turnover increased by 63.4%. India, Bangladesh, and the US were the three key export markets for Vietnamese cinnamon, reaching 4,514 tons, 1,693 tons, and 1,043 tons, respectively.
Notably, cinnamon exports to some markets in the month had an unexpected increase, such as Indonesia, which increased by 600%, and China, which increased by 513.6%.
India is leading in importing cinnamon and star anise from Vietnam.
In general, in the first 5 months of 2024, Vietnam exported 33,528 tons of cinnamon, with a total export turnover of 96.3 million USD. Compared to the same period last year, export volume decreased by 1.1% and turnover decreased by 4.4%.
The main export markets include: India reached 10,646 tons; the US reached 4,180 tons; and Bangladesh reached 3,735 tons.
Star anise exports in May reached 1,560 tons, with a value of about 7.2 million USD, an increase of 5.4% compared to the previous month. India remains Vietnam’s largest export market for this item, accounting for 61% of exports with 951 tons.
In the first 5 months of 2024, Vietnam exported 5,475 tons of star anise, with an export turnover of 27.5 million USD. This result was down 14.7% in volume and 29.9% in value over the same period last year.
In terms of export markets in the first 5 months of the year, India is still the largest customer with 3,360 tons, followed by the US with 399 tons, and Bangladesh with 140 tons.
According to the VPA, India is the world’s leader in the consumption of cinnamon and star anise. At the same time, it is also a major producer of medicinal herbs. Currently, Vietnam dominates the Indian market with more than 80% of cinnamon and star anise imports.
Vietnamese cinnamon is popular in India due to its good essential oil content and characteristic taste. On the other hand, thanks to the tariff incentives from the ASEAN-India FTA, Vietnam has the advantage of exporting this item to India. In particular, with a large population, India has a very large market demand range for cinnamon, star anise, and medicinal herbs.
Vietnam and China are the two countries that can produce star anise in large quantities thanks to favorable conditions. Vietnam now has an area of about 40,000 hectares of star anise, concentrated mainly in Lang Son and Cao Bang, with an annual output of more than 16,000 tons. /.