Vietnam’s cinnamon exports reached 11,176 tons, worth for $31.1 million in May 2024. These figures went up 75% in volume and 63% in value month-on-month.
India, Bangladesh and the US were the three main export markets of Vietnamese cinnamon. These export volumes were 4,514 tons, 1,693 tons, and 1,043 tons, respectively. Notably, Vietnam’s cinnamon exports to some markets saw a sudden increase in May. For example Indonesia went up 600% and China went up by 513.6%.
However, over the whole five months the export of Vietnam’s cinnamon reached 33,528 tons, worth $96.3 million. These amounts marked modest decreases of 1.1% and 4.4% compared to the same period of last year.
Vietnam’s cinnamon exports
Ms. Lien, president of the Vietnam Pepper and Spice Association said farmers have been continuously developing new farming techniques to improve the quality and productivity of cinnamon trees.
In addition links between the farms and businesses have grown to gradually expand sustainable raw material areas. Vietnam has dozens of companies investing in modern processing lines for high-quality cinnamon to meet market requirements.
Vietnam has signed 16 free trade agreements, which have helped maximize its tax advantage over other regions.
Vietnam’s split cinnamon
Currently, Vietnam’s cinnamon exports to nearly 100 countries around the world. In which, it accounts for 95% of the Indian market’s market share, 36.5% of the US market’s market share, and 35% of the European market share.
The sector aims to continue to improve post-harvest processing quality. This helps increase Vietnam’s cinnamon exports to demanding markets in Europe and the US.
It will step up trade promotion activities, build a brand identity on a national scale. Also, it encourages public-private partnership models and seeks support resources and policy consultations in a long-term strategy. As a result, it will turn Vietnam into the leading sustainable cinnamon supplier in the world.
Sources: https://vietnamnews.vn/economy/1657450/viet-nam-s-cinnamon-exports-hits-over-96-3-million-in-five-months.html