In the first six months of the year, Vietnam exported 43,000 tons of cinnamon, earning 129.2 million USD. India, the United States, and Bangladesh are three key export markets.
The Vietnam Pepper Association said that in June 2023, Vietnam exported 9,292 tons of cinnamon with a total export turnover of 28.5 million USD. Compared to May, the export volume increased by 0.8% and the turnover increased by 4.0%.
India, the United States, and Bangladesh are three key export markets of Vietnamese cinnamon.
In the first half of this year, Vietnam exported 43,186 tons of cinnamon. The 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 six months reached 2,992 USD/ton, which was down 737 USD against the same period last year.
India, the United States, and Bangladesh were the three key export markets, accounting for 67.1%. India ranks first with 17,380 tons, up 35.4%; the US is behind with 5,000 tons, down 4.5%; and Bangladesh ranks third with 4,271 tons, up 60.7%. Cinnamon exports also increased in other markets such as China, Egypt, Indonesia, Turkey, and Poland.
Vietnam is currently the third-largest producer of cinnamon worldwide, after Indonesia and China. Our cinnamon products are consumed in many markets, for example, the US, EU, China, or India. The export value of Vietnam’s cinnamon has continuously increased over the years and in 2022 alone, it reached about 276 million USD. The cinnamon area in Vietnam is about 150,000 ha, accounting for 17% of the global cinnamon area.
Many analyses show that in the next 10 years, the global organic spice market will grow at least 4.6% per year and reach a total value of 15 billion USD. Regarding the cinnamon market, from now to 2025, the average growth per year will be 14%. This is a great opportunity for Vietnam when cinnamon is a favorite spice in countries./.