| Vietnamese cinnamon could account for half of Canada's market India, the United States and Bangladesh are the three main export markets for Vietnamese cinnamon |
According to the Vietnam Pepper Association, by the end of June 2023, Vietnam exported 43,186 tons of cinnamon, with a total export turnover of 129.2 million USD, an increase of 25.1% in volume and 0.4% in value over the same period in 2022.
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| Naming the 3 largest cinnamon export markets of Vietnam in the first 6 months of 2023 |
The average cinnamon export price in the first 6 months of 2023 reached 2,992 USD/ton, down 737 USD over the same period last year.
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, up 35.4%; the United States reached 5,000 tons, down 4.5%; Bangladesh reached 4,271 tons, up 60.7%.
Cinnamon exports also increased in China, Egypt, Indonesia, Türkiye, Poland…
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TOP 10 markets importing Vietnamese cinnamon (Unit: Ton) (Source: Vietnam Pepper Association) |
The main exporting enterprises include: Prosi Thang Long reached 7,696 tons, up 23.7% and accounted for 17.8% of the export market share; Rung Xanh T&K reached 2,945 tons, up 60.1%; Senspice reached 2,760 tons, up 115.8%; Gia vi Son Ha reached 2,139 tons, down 16.9%...
The spring cinnamon harvest season has ended while the autumn cinnamon harvest will begin in late July and early August. The expected harvest output in 2023 will increase by 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 early 2023. (according to ITC).
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Average export price of Vietnamese cinnamon over the months (unit: USD/ton) (Source: Vietnam Pepper Association) |
Regarding imports, in the first 6 months, Vietnam imported 11,130 tons of cinnamon, with a turnover of 28.5 million USD. Compared to the same period last year, the import volume increased by 73.5%, equivalent to 4,715 tons.
Long Thanh Phat and Binh Lieu are the two largest cinnamon importing enterprises, reaching 5,592 tons, accounting for 50.2% and 1,290 tons, accounting for 11.6%.
Next are Linh Anh enterprises: 795 tons, Ta Duc Phuc: 615 tons, HRD Spices: 540 tons...
China, accounting for 89.0%, 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%.
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