China, Brazil finding the right blend for soaring coffee trade as demand brews
China’s coffee market is expected to grow to 313.3 billion yuan (US$44 billion) by the end of 2024, up from 265.4 billion yuan last year
During the inauguration of the Brazilian embassy in Beijing in 1974, China’s then-deputy foreign trade minister Chen Jie was photographed with then-Brazilian foreign minister Azeredo da Silveira toasting with espresso cups of Brazilian Arabica.
This year, the iconic image resurfaced in June, to celebrate 50 years of diplomatic relations between China and Brazil.
And earlier this month, with coffee still representing an important link between the two countries, the Brazilian Coffee Exporters Council estimated that Brazilian coffee exports to China were projected to grow by 65 per cent in 2024 compared to last year to about US$525 million.
In 2022, China imported US$80 million of Brazilian coffee, with the figure rising to US$280 million last year, according to Jorge Viana, the president of the Brazilian Trade and Investment Promotion Agency (ApexBrasil).
“China imports a lot of agricultural products from Brazil. It’s a mutually beneficial agreement,” said Zhao Xijun, a professor of finance at Renmin University in Beijing.
The South American country is the biggest exporter of coffee to China, having shipped 44 per cent of China’s coffee imports by volume last year, according to Chinese financial data provider Wind.
