Vietnam: Clove Market 2024

Clove Market Size in Vietnam

In 2022, the Vietnamese clove market decreased by X% to $X, falling for the second consecutive year after two years of growth. Overall, consumption, however, showed a prominent expansion. Clove consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Clove Production in Vietnam

In value terms, clove production reached $X in 2022 estimated in export price. Overall, the total production indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The pace of growth was the most pronounced in 2014 with an increase of X%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a somewhat lower figure.

In 2022, the average yield of cloves in Vietnam amounted to less than X kg per ha, approximately equating the previous year. Over the period under review, the yield continues to indicate a relatively flat trend pattern. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, approx. less than X ha of cloves were harvested in Vietnam; almost unchanged from the previous year. Over the period under review, the harvested area saw a relatively flat trend pattern.

Clove Exports

Exports from Vietnam

In 2022, approx. X tons of cloves were exported from Vietnam; picking up by X% compared with 2021. In general, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of X%. The exports peaked in 2022 and are likely to continue growth in years to come.

In value terms, clove exports skyrocketed to $X in 2022. Overall, total exports indicated slight growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons), the Netherlands (X tons) and Japan (X tons) were the main destinations of clove exports from Vietnam, together accounting for X% of total exports. Sweden, South Africa, Indonesia, the UK, Australia, South Korea, New Zealand, Germany and Canada lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Indonesia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), the Netherlands ($X) and Japan ($X) were the largest markets for clove exported from Vietnam worldwide, with a combined X% share of total exports. Sweden, South Africa, Indonesia, the UK, Australia, South Korea, New Zealand, Germany and Canada lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Indonesia, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average clove export price stood at $X per ton in 2022, surging by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Sweden ($X per ton) and the Netherlands ($X per ton), while the average price for exports to Japan ($X per ton) and Canada ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (X%), while the prices for the other major destinations experienced more modest paces of growth.

Clove Imports

Imports into Vietnam

In 2022, supplies from abroad of cloves decreased by X% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, imports, however, continue to indicate a slight increase. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, clove imports rose to $X in 2022. Overall, total imports indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

Indonesia (X tons), China (X tons) and India (X tons) were the main suppliers of clove imports to Vietnam, together accounting for X% of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), China ($X) and India ($X) were the largest clove suppliers to Vietnam, with a combined X% share of total imports.

In terms of the main suppliers, China, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average clove import price amounted to $X per ton, with an increase of X% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. Over the period under review, average import prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were India ($X per ton) and Indonesia ($X per ton), while the price for China ($X per ton) and Sri Lanka ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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