Vietnam Cinnamon report 2023
The spring cinnamon harvest season (1st crop) has ended from April, 2023 while the autumn cinnamon harvest (2nd crop) will begin in late August depending on weather in the north of Vietnam, the expected harvest in 2023 will be about 45 thousand tons. Export prices were on a downward trend due to weak demand from the US and EU. Meanwhile, export prices in Indonesia were also on a downward trend. Specifically, the export price in April reached $4,393/ton, down 2.6% compared to the beginning of 2023 (according to ITC).
By the end of June 2023, Vietnam exported 43,186 tons of cinnamon, total export turnover reached 129.2 million USD, up 25.1% in volume and 0.4% in value over the same period in 2022. The average export price of cinnamon in the first 6 months of 2023 reached 2,992 USD/ton, down 737 USD compared to the same period last year.
India, USA 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%; USA reached 5,000 tons, down 4.5%; Bangladesh reached 4,271 tons, up 60.7%.
Exports to India were increasing from early July, pushing cinnamon market were increasing accordingly. Exports also increased in China, Egypt, Indonesia, Turkey, Poland… Biggest exporter is Prosi Thang Long, reached 7,696 tons, up 23.7% and accounted for 17.8% market share export from Vietnam to over the world.
Source: Vietnam Pepper Association