Vietnam has one of the world’s oldest spices. Cinnamon was first discovered and used in China. Then it spread to Europe and all around the world by trade. Cinnamon is a rare spice that is only found in a few countries, including China, Laos, Myanmar, India, Sri Lanka, and South America.
Currently, Vietnam ranks first in the world in cinnamon exports, with Indonesia increasing imports by 600%. According to statistics from the Vietnam Pepper Association (VPA), Vietnam’s cinnamon exports in May 2024 reached 11,176 tons, with a turnover of more than 31 million USD. This is a sharp increase of 75% in volume and 63.4% in value compared to April 2024. India, Bangladesh, and the US were the three main export markets last month, with outputs of 4,514 tons, 1,693 tons, and 1,043 tons, respectively.
Vietnam has earned about 100 million USD since the beginning of 2024 thanks to cinnamon.
Notably, some markets recorded an unexpected increase in May, such as Indonesia with a 600% increase and China with a 513% increase.
Since the beginning of the year, Vietnam has exported 33,528 tons of cinnamon, for a total turnover of more than 96 million USD. This is a slight decrease of 1.1% in volume and 4.4% in turnover over the same period last year.
The main export markets remain India with 10,646 tons, the US with 4,180 tons, and Bangladesh with 3,735 tons.
In Vietnam, cinnamon is grown throughout the country; however, it is concentrated in four areas, including Yen Bai, Quang Ninh, Thanh Hoa-Nghe An, and Quang Nam-Quang Ngai. The reserve of Vietnamese cinnamon bark is estimated at 900,000–1,200,000 tons, and the average harvest is 70,000–80,000 tons per year.
Vietnam is the No. 1 exporter of cinnamon in the world, with a turnover of over 292 million USD in 2022. According to a report by FAO, Vietnam’s total cinnamon production reaches more than 41,400 tons, accounting for 17% of global production.
Cinnamon has many uses in life, such as as a spice, a flavoring, a medicine, used for food processing, raising cattle and poultry, or a fertilizer.
The General Department of Forestry said that cinnamon is a non-timber forest product with increasing international market demand. The area of cinnamon cultivation in Vietnam is expanding strongly to meet market demand. Therefore, if there are no timely orientations, there is a risk of facing unsustainable development problems. /.