Sharp Increase in Cinnamon Price in Japan

Sharp Increase in Cinnamon Price in Japan

Japan Cinnamon Import Price in April 2023

The price of cinnamon in Japan reached $5,824 per ton in April 2023, showing a 17% rise compared to the previous month. However, the import price experienced a slight decline during the review period. The most significant growth rate was observed in June 2022, with a 51% month-on-month increase. Although the average import prices reached a peak of $7,063 per ton in April 2022, they remained at lower levels from May 2022 to April 2023.

There were considerable price differences among the major cinnamon-supplying countries. Sri Lanka had the highest price at $22,234 per ton in April 2023, while China had one of the lowest prices at $4,529 per ton.

Vietnam achieved the most notable price growth with an increase of 2.4% from April 2022 to April 2023, while other major suppliers experienced mixed price trends.

Japan Cinnamon Imports

For the third consecutive month, Japan witnessed a decline in cinnamon imports, which dropped by 27.3% to 108 tons in April 2023. However, overall import trends remained relatively flat, with the most rapid growth occurring in May 2022 with a 107% increase from the previous month.

In terms of value, cinnamon imports sharply decreased to $629K (IndexBox estimates) in April 2023. Although there was a slight curtailment in imports, the most significant growth rate appeared in May 2022 with a 26% month-on-month increase.

Japan Cinnamon Imports by Country

In April 2023, China was the largest cinnamon supplier to Japan, accounting for 81% of total imports with 87 tons. Vietnam followed with 5.5 tons, more than ten times less than China's volume. Malaysia held the third position with 5.3 tons and a 4.9% share.

From April 2022 to April 2023, China witnessed an average monthly import growth rate of 2.1%. Vietnam and Malaysia, on the other hand, recorded average monthly rates of -9.0% and -8.5%, respectively.

In terms of value, China constituted 63% of total cinnamon imports to Japan with $395K, followed by Sri Lanka with $100K and a 16% share. Malaysia accounted for a 7.4% share.

From April 2022 to April 2023, China had a relatively modest average monthly import value growth rate, while Sri Lanka experienced a monthly increase of 2.3% and Malaysia saw a monthly decrease of 8.9%.

Source: IndexBox Market Intelligence Platform

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