Vietnam increases exports of organic cinnamon

In 2023, Vietnam emerged as a dominant player in the global cinnamon market, accounting for approximately 34.4% of the market share and exporting nearly 90,000 tons of cinnamon valued at over US$260 million. The main destinations for these exports included India, China, Bangladesh, and the United States. Despite a slight decrease in export value due to a drop in average price, the export volume experienced a notable increase compared to the previous year.

The first two months of 2024 saw a mixed performance in the demand for Vietnamese cinnamon, with fluctuations in export volumes to traditional markets like India and the United States, while experiencing a surge in interest from European countries, especially the UK. This varied trend underscores the importance of strategic market diversification and maintaining a strong focus on quality to penetrate demanding markets, especially in Europe and the United States.

Leveraging its advantageous free trade agreement network, including the EU-Vietnam Free Trade Agreement (EVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the Regional Comprehensive Economic Partnership Agreement (RCEP), Vietnam is well-positioned to further boost its cinnamon exports on the global stage. However, to tap into the full potential of these opportunities, the industry must invest in modern processing facilities, improve post-harvest and processing quality, and embrace public-private partnerships to enhance competitiveness and sustainability.