Vietnam is one of the world’s leading countries in supplying spice products. Vietnamese spice exports has presence to more than 125 countries and dominate many important markets. The export turnover reaches more than 1.5 billion USD per year. This is an industry with 95% for export, so enterprises should focus on deep processing to enhance the export value.
In the first quarter of 2024, Vietnam exported 87,400 tons of various spices. Total export value reached $322.7 million. Compared to the same period in 2023, they decreased by 24.1% in volume, and dropped by 4.8% in value.
Vietnamese spice exports
Among Vietnamese spice exports, pepper accounted for 65%, with 56,800 tons, generating $235.6 million. Cinnamon exports reached 16,000 tons, valued at $46.2 million, marking a reduction of 14.6% in volume and 15.7% in value. Exports of other spices such as star anise, ginger, turmeric, cardamom, and nutmeg also declined. However, chili exports saw a significant increase of 17.6% in volume and 52.8% in value.
Vietnam’s main spice export markets include the United States, the European Union, India, and China. However, in recent times, export turnover to India and China has continuously declined.
Yen Bai province has the largest cinnamon cultivation area and production in Vietnam. The cultivation area consists of more than 86,000 hectares, including 14,000 hectares of organic cinnamon for export. Currently, the province has 16 factories for extracting cinnamon essential oil. The annual production capacity reaches 1,000 tons of cinnamon essential oil products.
Split cassia from Vietnam
Yen Bai’s cinnamon products have been exported to more than 60 markets. The main export markets include China, South Korea, Japan, the United States, and European countries. However, cinnamon production and processing in the province still lack significant investment and remain outdated. As a result, productivity and quality are not high enough to meet the demands of domestic and export markets.
Binh Phuoc province is one of the largest localities of pepper cultivation. The province’s pepper export turnover in 2023 declined to $26 million. It reported a decrease of 45% compared to the same period in 2022.
To fully leverage the export potential of Vietnam’s spice products, it is essential to focus on developing high-quality cultivation areas. Currently, local spice processing enterprises are also expanding their investment in deep processing.
High quality star anise from Vietnam
In addition to increasing processed product lines, trade promotion plays a vital role in bringing Vietnamese spices to global consumers. The spice associations should implement strategies for sustainable market development and promote Vietnam’s spice products. Priority is given to approving participation in major international trade fairs in key markets.
On this basis, these associations should plan and register booths early with organizers to secure prime locations and favorable pricing. At the same time, Vietnam’s spice businesses are given sufficient time to prepare personnel and products to showcase and expand business opportunities effectively.
Vietnamese source: https://nhandan.vn/tang-gia-tri-xuat-khau-cho-nganh-hang-gia-vi-post814040.html