Luckin Coffee Inks Multi-Billion RMB Deal for Brazilian Coffee Bean, Boosting Bilateral Industry Collaboration

BRASÍLIA, Brazil--(BUSINESS WIRE)--Nov 25, 2024--

On November 19, local time, in the presence of Mr. Geraldo Alckmin, Vice President of Brazil and also the Minister of Development, Industry, Trade, and Services, Luckin Coffee and the Brazilian Trade and Investment Promotion Agency signed a “Memorandum of Cooperation” in Brasília, the capital of Brazil. According to the agreement, building on the initial June contract for the purchase of 120,000 tons of Brazilian coffee beans over two years, Luckin Coffee will procure an additional 120,000 tons. Over the next five years, from 2025 to 2029, Luckin Coffee is scheduled to purchase a total of 240,000 tons of Brazilian coffee beans, valued at 10 billion RMB. This agreement represents the company’s most substantial coffee bean procurement initiative to date.

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At the signing ceremony, Dr. Jinyi Guo, Co-founder, Chairman, and CEO of Luckin Coffee, commented: “Fifty years ago, China and Brazil ‘toasted with coffee instead of wine,’ ushering in a new era of mutual cooperation and shared fortunes. Fifty years on, coffee, as a testament to the friendship between China and Brazil, has created significant opportunities for industrial collaboration based on mutual benefit and complementary strengths, effectively promoting the socio-economic development of both nations. As we enter the next ‘Golden Fifty Years’ of Sino-Brazilian relations, Luckin Coffee aspires to be an ambassador of integrated coffee industry cooperation between our two countries, further propelling the continuous high-quality development of our coffee industries, making premium Brazilian coffee is celebrated and appreciated globally.”

During this visit to Brazil, Luckin Coffee inaugurated several key initiatives: Luckin Coffee's Brazilian Office, the Luckin Brazil Growers Support Center, and Luckin Coffee's High-Quality Coffee Plantation. These initiatives will enhance Luckin's quality control capabilities in the upstream supply chain, support the exploration and implementation of sustainable coffee certification standards, and lay a solid foundation for the company's ongoing efforts to build a global high-quality supply chain.

As the coffee chain with the most stores in China, Luckin Coffee has emerged as one of the primary importers of Brazilian coffee beans in the Chinese market. In recent years, Luckin Coffee's economic, trade, and cultural collaborations with various Brazilian stakeholders have deepened significantly. In 2022, Luckin announced its plans to purchase approximately 45,000 tons of Brazilian coffee beans over a three-year period. This June, Luckin elevated its trade cooperation with Brazil by signing a letter of intent to purchase 120,000 tons of Brazilian coffee beans over two years. Furthermore, this year Luckin Coffee and the Brazilian Embassy co-launched the Luckin Coffee Brazil Coffee Culture Festival, hosted a series of World Barista Championship (WBC) professional tasting salons, and successfully concluded the Brazilian leg of Luckin Coffee's “Odyssey to the God Shot (Global Bean Search Journey)”. The first Luckin Brazilian coffee-themed store and the Luckin Brazilian Coffee Museum were also recently inaugurated.

The flourishing Chinese coffee market offers Luckin Coffee valuable opportunities to deeply engage in the global coffee trade and supply chain development. The intensified collaboration with the Brazilian coffee industry has elevated industrial cooperation between the two nations to a new level, greatly enhancing their influence in the global coffee industry. Looking ahead, Luckin Coffee will continue to actively contribute to the innovation and development of the global coffee industry, integrate superior global resources, develop a world-class coffee supply chain system, and promote high-quality growth of the Chinese coffee market. While consistently satisfying consumers' demands for high-quality coffee, Luckin Coffee continues make progress toward its goal of becoming a distinguished, world-class century-old coffee brand.

Luckin Coffee Inks Multi-Billion RMB Deal for Brazilian Coffee Bean, Boosting Bilateral Industry Collaboration (Photo: Business Wire)

In the past week, many Americans remained focused on the economy, inflation and how those forces could impact their lives. Trips to the grocery store or gas station are more painful than they were last year, and that is impacting the decisions of both households and businesses.

Here’s a snapshot of prominent economic data and news that occurred over the past week and what it potentially means for you.

America’s employers delivered a surprising 115,000 new jobs last month despite an economic shock from the Iran war.

Hiring was better than the 65,000 forecasters had expected, though it decelerated from the 185,000 jobs created in March. The unemployment rate remained at a low 4.3%, the Labor Department reported Friday.

Healthcare added 37,000 jobs last month and retailers 22,000. However, manufacturers cut 2,000 jobs in April and have shed 66,000 jobs over the past year despite President Donald Trump’s protectionist policies aimed at creating factory jobs.

The average long-term U.S. mortgage rate rose again this week, reflecting ongoing bond market volatility as surging oil prices due to the war with Iran heighten inflation worries.

The benchmark 30-year fixed rate mortgage rate rose to 6.37% from 6.3% last week, mortgage buyer Freddie Mac said Thursday. That’s still down from one year ago, when the rate averaged 6.76%.

This is the second straight weekly increase, bringing the average rate back to where it was four weeks ago.

Weekly U.S. jobless claim applications rose last week but remain at historically low levels despite elevated inflation and other economic headwinds.

The number of Americans filing for unemployment benefits in the week ending May 2 rose by 10,000 to 200,000, the Labor Department reported Thursday. That’s fewer than the 205,000 new applications analysts surveyed by the data firm FactSet were expecting.

The previous week’s new claims figure, which was the fewest since 1969, was revised up by 1,000 to 190,000.

Weekly filings for unemployment benefits are considered a proxy for U.S. layoffs and are close to a real-time indicator of the health of the job market.

U.S. job openings were essentially unchanged in March but hiring improved before the full impact of the Iran war hit the economy.

Employers posted 6.87 million jobs in March, compared to 6.92 million in February, the Labor Department reported Tuesday.

The job market has been up and down so far this year after a dismal 2025. And the Iran war, which began Feb. 28, has clouded the outlook for the economy and hiring.

The Job Openings and Labor Turnover Survey showed that layoffs rose in March. But hiring improved: Employers added 5.55 million gross jobs, the most since February 2024. More Americans also quit their jobs — a sign of confidence in their prospects.

U.S. stocks rose toward new highs to end the week on promising news in the labor market and also more strong earnings for major U.S. corporations.

The S&P 500 climbed 0.5% toward an all-time high after a report said U.S. employers added 115,000 more jobs than they cut last month, even though the war with Iran is raising fuel costs and uncertainty for everyone.

While hiring slowed from March’s level, it was nevertheless nearly double what economists expected. And it kept the S&P 500 on track for a sixth straight winning week, which would be its longest such streak since 2024. The U.S. stock market has blasted higher since late March, in part on hopes that the war will not mean a worst-case scenario for the global economy and that the Strait of Hormuz will reopen to allow oil tankers to deliver crude from the Persian Gulf again.

Trader Edward McCarthy, left, and Michael Milano work on the floor of the New York Stock Exchange, Thursday, May 7, 2026. (AP Photo/Richard Drew)

FILE - The per-gallon price is displayed elecronically over the grades of gasoline available at a Buc-ee's convenience stop Thursday, May 7, 2026, in Johnstown, Colo. (AP Photo/David Zalubowski, file)

FILE - Hiring sign for sales professionals is displayed at a store, in Vernon Hills, Ill., Wednesday, April 15, 2026. (AP Photo/Nam Y. Huh, file)