Vietnam Cassia Cinnamon Exports Reached over $194.2 Million
In the first 9 months of 2024, Vietnam exported 69,350 tons of cinnamon. The total export turnover was over 194.2 million USD. It was up 2.7% in volume but down 2.8% in value to the same period in 2023. This post gives data about Vietnam cassia cinnamon exports in the 9 months of 2024.
Vietnam Cassia Cinnamon Exports in 9 months of 2024
This data is according to statistics from the Vietnam Pepper and Spice Association (VPSA). After 9 months of 2024, Vietnam exported 69,350 tons of cassia cinnamon, with a total export turnover of over 194.2 million USD. It increased by 2.7% in volume but decreased by 2.8% in value to the same period in 2023.
On the other hand, in September 2024, Vietnam imported 216 tons of cinnamon. It brought about a value of 0.5 million USD. However, it was down 14.6% compared to the previous month. Which, Indonesia is the largest cinnamon supplier to Vietnam with 107 tons. It accounts for nearly 50% of Vietnam’s import structure.
Accumulated in the first 9 months of the year, cinnamon imports to Vietnam reached 3,448 tons with a turnover of 8.3 million USD. It decreased by 74% in volume and 76% in value to the same period last year.
Vietnam – Large Cassia Cinnamon producer in the world
Cinnamon is a woody plant, easy to care for. In Vietnam, the cinnamon growing area is up to 180,000 hectares in the mountainous provinces of the North and North Central regions. Especially, Yen Bai province is the biggest growing region in Vietnam.
Vietnam’s cinnamon bark reserves are estimated at 900,000 – 1,200,000 tons. The average harvest is about 70,000 – 80,000 tons/year. In 2022, Vietnam was the third largest cinnamon producer in the world. Cassia cinnamon from Vietnam accounted for 17% and Vietnam was the number one cinnamon exporter in the world with a turnover of 292.2 million USD.
In 2023, Vietnam’s cinnamon export output accounted for about 34.4% of the world’s export market share. The major consumer markets such as India, China, Bangladesh, the United States, etc. In 2023, Vietnam exported nearly 90,000 tons of cassia cinnamon. The total export turnover was more than 260 million USD. It was an increase of 14.6% in output but a decrease of 10.7% in value to 2022.
Currently, Vietnam has exported cassia cinnamon to nearly 100 countries in the world. Also accounts for 95% of the market share in the Indian market, 36.5% in the US market, and 35% in the European market. Vietnamese cinnamon products have dominated most major markets in the world. However, the export rate of processed cinnamon only accounts for 18.6%. Reaching 18,659 tons, of which 70% is exported to the United States, the export rate to Europe accounts for only 12%.
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