Cinnamon exports in 2023 will earn 260.9 million USD

Vietnam is the world's leading cinnamon exporter. India and the United States are the two main export markets for Vietnamese cinnamon.

According to the Vietnam Pepper and Spices Association (VPSA), in 2023, Vietnam exported 89,383 tons of cinnamon, with a total export turnover of 260.9 million USD, up 14.6% in volume but down 10.7% in value compared to 2022.

The average export price of cinnamon in 2023 reached 2,918 USD/ton, down 22.1% compared to last year. India is the main export market of Vietnamese cinnamon, accounting for 42.6%, reaching 38,038 tons, up 14.0% compared to the previous year.

Next are the US markets accounting for 11.4% reaching 10,163 tons, up 7.0%; Bangladesh accounting for 6.2% reaching 5,564 tons, up 32.1%...

The leading cinnamon exporting enterprises in VPSA include: Prosi Thang Long reached 13,839 tons, accounting for 15.5%, down 8.4%; Senspices Vietnam reached 5,131 tons, accounting for 5.7%. up 39.0%; Son Ha spices reached 4,677 tons, accounting for 5.2%, down 0.7%; Olam Vietnam reached 3,445 tons, accounting for 3.9%, down 27.1% and Tuan Minh reached 3,115 tons, accounting for 3.5%, down 0.1%.

Regarding imports, Vietnam imported 14,806 tons of cinnamon, with a turnover of 37.6 million USD, compared to the same period in 2022, the import volume decreased by 28.0%. Vietnam imported cinnamon mainly from China and Indonesia, accounting for 81.2% and 12.6%, reaching 12,017 tons and 1,869 tons, respectively.

Along with cinnamon, in 2023, Vietnam exported 16,136 tons of star anise, with a total export turnover of 83 million USD, an increase of 26% over the same period last year. The average export price in 2023 reached 6,376 USD/ton, down 8% compared to 2022.

India and China are the two main export markets of Vietnamese star anise, reaching 7,860 tons and 4,116 tons, accounting for 48.7% and 25.5% of the export market share, respectively.

The leading star anise exporting enterprises in VPSA include: Prosi Thang Long with 2,396 tons, accounting for 14.8% of the market share; Nedspice with 1,243 tons, accounting for 7.7% and Tuan Minh with 550 tons, accounting for 3.4%.

According to the report of the Ministry of Agriculture and Rural Development , the area of cinnamon in Vietnam in 2023 is estimated to reach 180 thousand hectares. The area of cinnamon has increased in recent years because in 2018, cinnamon prices were high, so farmers began to expand cinnamon cultivation.

Cinnamon trees are considered by farmers as a savings asset, and will be harvested when they need money. However, 2023 is a difficult economic year, so farmers are forced to harvest cinnamon to make ends meet, leading to an estimated cinnamon harvest of about 70,000 tons in 2023.

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