India, US, and Bangladesh remain largest Vietnamese cinnamon export markets
VOV.VN -India, the United States, and Bangladesh were Vietnam’s three largest cinnamon export markets, accounting for 67.1% of the country’s total cinnamon exports during the first six months of the year.
According to the Vietnam Pepper Association, Vietnam exported 43,186 tonnes of cinnamon for US$129.2 million during the January - June period, up 25.1% in volume and 0.4% in value over the same period from 2022.
The average export price of cinnamon fell to US$2,992 per tonne, marking a drop of US$737 against the same period from last year.
Among the consumers, India, the US, and Bangladesh imported 67.1% of the overall volume. India ranked first with 17,380 tonnes, up 35.4%, followed by the US with 5,000 tonnes, down 4.5%, and Bangladesh with 4,271 tonnes, up 60.7%.
The country’s cinnamon exports also saw an increase to other markets such as China, Egypt, Indonesia, Turkey, and Poland.
Meanwhile, Vietnam imported 11,130 tonnes of cinnamon throughout the first half of this year, up 73.5% in volume compared to the same period last year.
China made up the largest cinnamon supplier to the Vietnamese market with 9,909 tonnes, an annual rise of 80.2%. This was followed by Indonesia with 857 tonnes, up 11.4%.
Cinnamon is a very popular spice product globally, particularly in countries with a developed processing industry, cinnamon and anise make up the main ingredients for producing cosmetics and pharmaceutical products.
Thanks to its aroma coupled with its beautiful colour, cinnamon is primarily used in interior decoration, furniture making, and household appliances.
Vietnam is the third-largest cinnamon producer and exporter in the world behind Indonesia and China.
Cinnamon is grown mainly in Lao Cai, Yen Bai, and Quang Nam provinces and has a total output of around 900,000 to 1.2 million tonnes per year.
