In 2024, cinnamon exports to the Indian market will decrease by 5.7%

According to the Vietnam Pepper and Spice Association, in December 2024, Vietnam exported 9,604 tons of cinnamon, with a total export turnover of 25.3 million USD, a decrease of 10.7% compared to the previous month.

Growers harvest cinnamon in Yen Bai. Photo: Vietnam Cinnamon. (Photo: Illustration)

The largest cinnamon exporting enterprise in the month was still Prosi Thang Long with 1,678 tons, accounting for 17.5% of the export market share, followed by enterprises including: Gia vi Son Ha with 514 tons, Huy Chuc M&M with 453 tons, Olam Vietnam with 451 tons and Senspices Vietnam with 325 tons. Vietnam's largest cinnamon exporting market was India with 4,056 tons, accounting for 42.2% of the market share.

In general, in 2024, Vietnam exported 99,874 tons of cinnamon, with a total export turnover of 274.5 million USD. Compared to 2023, the export volume increased by 11.7% and the export turnover increased by 5.2%.

India is Vietnam's largest cinnamon export market in 2024, reaching 35,885 tons, accounting for 35.9% and down 5.7% compared to last year. The United States is the second largest export market, reaching 11,078 tons, accounting for 11.1% and up 9.0%; Bangladesh ranked third, reaching 7,928 tons, accounting for 7.9% and up 42.5%.

Regarding enterprises, Prosi Thang Long is the largest exporting enterprise in 2024, accounting for 14.9%, reaching 14,891 tons, an increase of 7.6% compared to 2023. Next are enterprises including: Son Ha Spices reaching 6,163 tons, an increase of 31.8%, accounting for 6.2%; Tuan Minh reaching 4,618 tons, an increase of 48.3%, accounting for 4.6%; Senspices Vietnam reaching 4,299 tons, a decrease of 16.2%, accounting for 4.3% and Olam Vietnam reaching 4,128 tons, an increase of 19.8%, accounting for 4.1% of the export market share.

On the other hand, in December, Vietnam imported 387 tons of cinnamon, worth 0.9 million USD, down 5.1% compared to November. Indonesia is the largest cinnamon supplier to Vietnam, with 300 tons, accounting for 77.5%.

In general, in 2024, Vietnam imported 4,508 tons of cinnamon, with a turnover of 10.9 million USD, compared to 2023, the import volume decreased by 69.6% and the turnover decreased by 71.2%. Indonesia is the largest cinnamon supplier to Vietnam, accounting for 50.5%, reaching 2,278 tons, up 21.9%. Next is China, accounting for 34.0%, reaching 1,531 tons and down 87.3%. Son Ha Spices Company is the largest importer, reaching 1,208 tons, up 39.8% and accounting for 26.8% of the import market share.

Thus, in 2024, this industry will have a trade surplus of 263.6 million USD.

Source: https://congthuong.vn/nam-2024-xuat-khau-que-sang-thi-truong-an-do-giam-57-368254.html