Strong Start with Robust Cinnamon Export Figures

Vietnam’s cinnamon industry had a promising start in 2024, with exports reaching USD 65.2 million in the first four months of the year. Despite a slight dip from the same period in 2023—with export volume down by 9.4 percent and value by 11 percent. Vietnam managed to maintain a steady cinnamon supply to key markets, including India, the United States, and Bangladesh.

India Remains Top Importer

India continued to be the largest importer of Vietnamese cinnamon, purchasing 6,132 tonnes, which accounted for 27.4 percent of Vietnam's total cinnamon exports. Although this represented a 32.9 percent drop from the previous year. India’s position as a primary buyer is still critical for Vietnamese exporters who rely on the market’s demand stability.

U.S. and Bangladesh: Key Markets with Varying Demand

The United States imported 3,137 tonnes, making up 14 percent of Vietnam's total export volume. The U.S. demand notably increased by 13.9 percent, highlighting its growing role as a stable market. On the other hand Bangladesh followed as the third-largest buyer. They imported 2,042 tonnes (9.1 percent of total exports), though its demand dropped by 34.8 percent year-over-year.

Expansion into Emerging Markets

Vietnam is actively expanding into new markets like Iran and the UAE. Iran imported 217 tonnes of cinnamon—a remarkable 267.8 percent increase—while the UAE saw a 133 percent rise in imports over March 2024, totaling 212 tonnes. These increases demonstrate the broadening reach of Vietnamese cinnamon and the industry's strategic push into emerging markets.

Conclusion: Expanding Markets

Vietnam’s cinnamon industry continues to thrive despite some challenges, maintaining strong ties with established markets and strategically expanding into new regions. With sustained focus on supply chain stability, Vietnam is set for a bright future in the global cinnamon trade.

Click here to reach our trading platfrom CMBroker