Reference News Website, August 4 report: According to the Russian Sputnik News Agency, on August 2, the Chinese Embassy in Brazil announced on social media that China has approved 183 new Brazilian coffee companies to export products to the Chinese market. This measure took effect on July 30 and is valid for 5 years.
The report cited Reuters as saying that this is a positive news for local exporters after the U.S. government announced high tariffs on Brazilian coffee and other products.
The United States will impose a 50% tariff on certain Brazilian products starting August 6. For commodity traders and Brazilian coffee exporters, it is a challenge, as they need to find alternatives for about 8 million bags of coffee sold annually to U.S. coffee processors.
China is Brazil's largest trading partner, while the United States is the main buyer of products such as beef and orange juice from Brazil.
According to trade data compiled by the industry lobbying group Cecafe, in June, Brazil exported 440,034 bags of coffee to the United States, which is 7.86 times the amount exported to China that month (approximately 56,000 bags).
The report said that Brazil's supply can meet about one-third of the U.S. coffee demand annually. The trade volume in the 12 months ending in June was $4.4 billion.
On November 7, 2023, staff at a coffee growers' cooperative in the Serra do Cipó region of Minas Gerais state in southeastern Brazil are bagging coffee beans in a warehouse of coffee bean samples. (Xinhua)
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