In the first 6 months of 2023, Vietnam exported 43,186 tons of cinnamon, total export turnover reached 129.2 million USD, an increase of 25.1% in volume and 0.4% in value. Of which, the United States, India and Bangladesh are the three main export markets of Vietnamese cinnamon, accounting for 67.1% in the first 6 months of 2023.
India, the United States and Bangladesh are the three main export markets of Vietnamese cinnamon, accounting for 67.1%, of which India ranks first with 17,380 tons, an increase of 35.4%; The United States reached 5,000 tons, down 4.5%; Bangladesh reached 4,271 tons, an increase of 60.7%. Cinnamon exports also increased in China, Egypt, Indonesia, Türkiye, Poland...
The Spring cinnamon harvest season has ended while the Fall cinnamon harvest will begin in late July and early August. The expected harvest output in 2023 will increase about 12.5% compared to 2022 and reach about 45 thousand tons.
Export prices are trending down due to weak demand from the US and EU. Meanwhile, export prices in Indonesia are also trending down, specifically export prices in April reached 4,393 USD/ton, down 2.6% compared to the beginning of 2023. (according to ITC).
Top 10 Vietnamese cinnamon import markets (Unit: Ton)
Regarding imports, in 6 months, Vietnam imported 11,130 tons of cinnamon, turnover reached 28.5 million USD, compared to the same period last year, the import volume increased by 73.5%, equivalent to 4,715 tons. China accounts for 89.0% and is the largest cinnamon supplier to Vietnam in the first 6 months of 2023, reaching 9,909 tons, an increase of 80.2% over the same period. Next is Indonesia reaching 857 tons, an increase of 11.4% and accounting for 7.7%.
Not only does it export a lot of cinnamon to the above markets, Vietnam's cinnamon products are dominating the international market. The proof is that Vietnam is currently the third largest cinnamon producing country in the world, only behind Indonesia and China. Vietnam's cinnamon anise export value has continuously increased over the years and in 2022 alone will reach about 276 million USD.
According to the General Department of Forestry, the cinnamon area in Vietnam currently reaches about 150,000 hectares, accounting for 17% of the global cinnamon area. In Vietnam, cinnamon is grown mainly in Lao Cai, Yen Bai and Quang Nam... Annual reserves of cinnamon bark are estimated at 900,000 - 1.2 million tons. According to experts, cinnamon anise is not only a spice, but is also used a lot in the food, pharmaceutical, and cosmetic industries, added to coffee, matcha and drinks. In particular, the demand for cinnamon essential oil in the world is always at a level that is not enough to meet demand. This fact has pushed cinnamon prices higher and higher, especially since 2016.
In the first 6 months of 2023, Vietnam exported 43,186 tons of cinnamon, total export turnover reached 129.2 million USD, an increase of 25.1% in volume and 0.4% in value. Of which, the United States, India and Bangladesh are the three main export markets of Vietnamese cinnamon, accounting for 67.1% in the first 6 months of 2023.
India, the United States and Bangladesh are the three main export markets of Vietnamese cinnamon, accounting for 67.1%, of which India ranks first with 17,380 tons, an increase of 35.4%; The United States reached 5,000 tons, down 4.5%; Bangladesh reached 4,271 tons, an increase of 60.7%. Cinnamon exports also increased in China, Egypt, Indonesia, Türkiye, Poland...
The Spring cinnamon harvest season has ended while the Fall cinnamon harvest will begin in late July and early August. The expected harvest output in 2023 will increase about 12.5% compared to 2022 and reach about 45 thousand tons.
Export prices are trending down due to weak demand from the US and EU. Meanwhile, export prices in Indonesia are also trending down, specifically export prices in April reached 4,393 USD/ton, down 2.6% compared to the beginning of 2023. (according to ITC).
Top 10 Vietnamese cinnamon import markets (Unit: Ton)
Regarding imports, in 6 months, Vietnam imported 11,130 tons of cinnamon, turnover reached 28.5 million USD, compared to the same period last year, the import volume increased by 73.5%, equivalent to 4,715 tons. China accounts for 89.0% and is the largest cinnamon supplier to Vietnam in the first 6 months of 2023, reaching 9,909 tons, an increase of 80.2% over the same period. Next is Indonesia reaching 857 tons, an increase of 11.4% and accounting for 7.7%.
Not only does it export a lot of cinnamon to the above markets, Vietnam's cinnamon products are dominating the international market. The proof is that Vietnam is currently the third largest cinnamon producing country in the world, only behind Indonesia and China. Vietnam's cinnamon anise export value has continuously increased over the years and in 2022 alone will reach about 276 million USD.
According to the General Department of Forestry, the cinnamon area in Vietnam currently reaches about 150,000 hectares, accounting for 17% of the global cinnamon area. In Vietnam, cinnamon is grown mainly in Lao Cai, Yen Bai and Quang Nam... Annual reserves of cinnamon bark are estimated at 900,000 - 1.2 million tons. According to experts, cinnamon anise is not only a spice, but is also used a lot in the food, pharmaceutical, and cosmetic industries, added to coffee, matcha and drinks. In particular, the demand for cinnamon essential oil in the world is always at a level that is not enough to meet demand. This fact has pushed cinnamon prices higher and higher, especially since 2016.
