Vietnam’s cinnamon products exported more than 11,000 metric tons in May 2024. The export value reached $31.1 million, up 63 percent compared to last month.
India, Bangladesh and the US were the three main export markets of Vietnam’s cinnamon products. Namely, export values are 4,514 metric tons, 1,693 metric tons, and 1,043 metric tons respectively. In addition, cinnamon exports to several markets saw a sudden increase in May. For example, Indonesia is up 600 percent and China is up by 513.6 percent.
In the whole five months in 2024, the export quantity of Vietnamese cinnamon reached 33,528 metric tons. It was down 1.1 percent compared to last year, however. Also, the export value would decrease of 4.4 percent, worth $96.3 million.
According to the president of the Vietnam Pepper and Spice Association (VPSA), farmers have been continuously developing new planting techniques to improve the quality and productivity of cinnamon trees. In addition, the connections between farms and businesses have grown to gradually expand sustainable raw material areas.
There are several spice companies in Vietnam, which are investing in modern cinnamon processing lines. With the modern technology, such companies will product more quality products to meet market requirements.
Up to now, Vietnam has signed 16 signed free trade agreements (FTAs). In which, there are many new generations, such as the EU-Vietnam FTA, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Regional Comprehensive Economic Partnership (RCEP). They have helped Vietnam’s cinnamon products maximize their tax advantages over other regions.
Currently, Vietnam exports cinnamon products to more than 100 countries around the world. Vietnamese cinnamon accounts for 95 percent of the market share in India. The amounts are 36.5 percent in the US, and 35 percent of the European countries, respectively.
However, the processed Vietnam’s cinnamon products account for a small percentage for these export markets. Therefore, the sector aims to continue to improve post-harvest processing quality. This will increase exports to demanding markets in Europe and the US.
Sources: https://vietnamnews.vn/