Vietnam increases export value for spice industry

Published 2024년 7월 5일

Tridge summary

Vietnam is a major global supplier of spices, exporting 95% of its products to over 125 countries, with an annual turnover of about 1.5 billion USD. In early 2024, spice exports decreased in volume and value, except for chili. Key markets include the US, EU, India, and China, though exports to India and China have declined. Provinces like Yen Bai and Binh Phuoc are significant producers but face investment and processing challenges. The Vietnam Pepper and Spice Association, led by President Hoang Thi Lien, is focusing on sustainable market development by participating in international fairs to promote trade opportunities.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Vietnam is one of the world's leading countries in supplying spice products, with an export turnover of about 1.5 billion USD per year. Vietnamese spices are currently exported to more than 125 countries, dominating many important markets. This is an industry in which 95% of goods are exported, so it is necessary to focus on investing in deep processing and trade promotion to increase added value. According to the Vietnam Pepper and Spice Association, Vietnam exported 87,400 tonnes of spices of all kinds in the first quarter of 2024, with a turnover of 322.7 million USD. Compared to the same period in 2023, the export volume decreased by 24.1% and turnover decreased by 4.8%. The two main exported spices are: pepper, accounting for 65% with 56,800 tonnes and turnover of 235.6 million USD, down 26% in volume and 0.1% in value; and cinnamon, with exports reaching 16,000 tonnes and turnover hitting 46.2 million USD, down 14.6% in volume and 15.7% in value. Exports of anise, ginger, ...

Source: WTOCenter