China's Luckin Coffee set to grow Brazilian coffee purchases

Luckin Coffee

05/06/2024 20:53

SAO PAULO, June 5 (Reuters) - China's Luckin Coffee
 LC0Ay.MU  signed an agreement with Brazil's government on
Wednesday to buy some $500 million worth of coffee from the
South American country's producers, the trade and industry
ministry said.
    Under the memorandum of understanding, the Chinese chain of
coffee shops agreed to acquire about 120,000 metric tons of
Brazilian coffee, according to a statement from the ministry.
    Luckin has more than 16,000 cafes in China. 
    Last year, China's purchases of Brazilian coffee more than
tripled, making it Brazil's No. 6 coffee buyer, compared to 20th
place the previous year.
    Brazil is the world's largest producer and exporter of
coffee and has benefited from a growing Chinese coffee consumer
market.

 (Reporting by Leticia Fucuchima; Writing by Peter Frontini and
Andrea Ricci)
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