Luckin Coffee to buy US$2.5 billion worth of Brazilian coffee

CHINA’S Luckin Coffee is set to announce later this year an agreement with Brazil to buy some US$2.5 billion worth of coffee from the South American country’s producers, a Brazilian official said on Tuesday (Sep 17).

“We have already negotiated the next Luckin Coffee announcement, they want to disclose it at the time of the G20 summit,” the head of Brazil’s APEX association, Jorge Viana, told an event alongside President Luiz Inacio Lula da Silva.

The G20 leaders’ summit will happen in Rio de Janeiro in November. Luckin had in June announced a deal to buy US$500 million worth of coffee from Brazil, the world’s largest coffee growing and exporting country. REUTERS