logo
China welcomes 183 Brazil coffee sellers in wake of US tariffs

China welcomes 183 Brazil coffee sellers in wake of US tariffs

SAO PAULO: China has approved 183 new Brazilian coffee companies to export products to the Chinese market, according to a social media post of the Chinese embassy in Brazil on Saturday.
The measure, a boon to local exporters after the United States government's announcement of steep tariffs on Brazilian coffee and other products, took effect on July 30.
The new Chinese export permits are valid for five years, according to the post.
The US's 50% tariff on some Brazilian products will begin on August 6.
The levy represents a challenge for commodities traders and Brazilian coffee exporters, who need to find alternatives for the roughly 8 million bags sold to US coffee processors every year.
China is Brazil's top trade partner overall while the US is a big buyer of Brazilian beef and orange juice, among other products.
In June, Brazilian coffee exports into the US totaled 440,034 60-kilo bags, 7,87 times more than Brazil's sales into China of nearly 56,000 bags that month, according to trade data compiled by industry lobby Cecafe.
The Brazilian ministry of agriculture and Cecafe did not have an immediate comment. China's customs authority could not be immediately reached as it was outside the business hours.
Brazil supplies about a third of the US coffee demand each year, a trade valued at $4.4 billion in the 12 months ended in June.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Wheat down 1-2 cents, corn down 1-2, soybeans up 4 to 5
Wheat down 1-2 cents, corn down 1-2, soybeans up 4 to 5

Business Recorder

time6 hours ago

  • Business Recorder

Wheat down 1-2 cents, corn down 1-2, soybeans up 4 to 5

CHICAGO: The following are U.S. expectations for the resumption of grain and soy complex trading on Tuesday. Wheat - Down 1 to 2 cents per bushel Wheat futures approached their lowest points since 2020 as seasonal supply pressure from Northern Hemisphere harvests weighed on the market. A weekly U.S. Department of Agriculture crop progress and condition report on Monday put the nation's winter wheat harvest at 86% complete, compared to 80% a week ago. South Korea's Major Feedmill Group (MFG) purchased around 65,000 metric tons of animal feed wheat to be sourced from the United States in a private deal on Tuesday without issuing an international tender, European traders said. CBOT September soft red winter wheat was last down 1-3/4 cents at $5.15 per bushel. K.C. September hard red winter wheat was last down 2-1/2 cents at $5.14-1/2 per bushel. Minneapolis September wheat was last up 1/2 cent at $5.73-1/2 a bushel. Wheat up 2-3 cents, corn down 1-2, soybeans steady-down 1 Corn - Down 1 to 2 cents per bushel Corn futures headed down to set fresh contract lows, with steady U.S. crop conditions and a bumper Brazilian harvest also keeping the focus on ample supply. The USDA reported on Monday that 73% of the corn crop was in good or excellent shape, a nine-year high and unchanged from a week ago. Commodity brokerage StoneX projected on Monday U.S. 2025 corn production at 16.323 billion bushels, with an average yield of 188.1 bushels per acre (bpa), above the U.S. Department of Agriculture's latest corn harvest projection for a 15.705-billion-bushel crop with an average yield of 181 bpa. CBOT December corn fell 1-1/2 cents to $4.05-1/2 per bushel. Soybeans - Up 4 to 5 cents per bushel Soybean futures edged up, recovering from a four-month low, supported by larger-than-expected weekly U.S. export inspections, a slight fall in U.S. crop ratings and a rebound in palm oil futures. The USDA rated 69% of the soybean crop in good or excellent condition on Monday, a five-year high but slightly down compared to 70% last week. The USDA reported export inspections of soybeans in the week ended July 31 at 612,539 metric tons, above trade expectations for 250,000-460,000 metric tons. CBOT November soybeans were last up 5 cents at $9.99-1/2 per bushel.

Gwadar Port Authority to partner with Chinese firm to boost investments
Gwadar Port Authority to partner with Chinese firm to boost investments

Business Recorder

time7 hours ago

  • Business Recorder

Gwadar Port Authority to partner with Chinese firm to boost investments

KARACHI: The Gwadar Port Authority (GPA) signed on Tuesday a letter of intent (LoI) with Chinese firm Xinning Enterprise to 'stimulate major industrial and commercial investments at Gwadar Port and its Free Zone', the Ministry of Maritime Affairs said. Located in Balochistan, Gwadar Port is a strategically important deep-sea port and a key component of the China-Pakistan Economic Corridor (CPEC), a massive infrastructure project aimed at boosting regional trade and connectivity. Last month, the government unveiled a strategic plan to expand Gwadar Port's operational capacity by introducing new shipping lines and launching a ferry service connecting Pakistan with Gulf Cooperation Council (GCC) countries. 'The initiative is part of the government's broader strategy to enhance regional connectivity, boost maritime trade, and position Gwadar as a major hub in the Arabian Sea,' Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry said then. 'We aim to transform Gwadar into a strategic transhipment and logistics centre, benefiting Pakistan and the wider region.' The LoI signed on Tuesday by Yi Jiang, representing Xinning Enterprise, outlined plans for diverse ventures and received by Umer Zaffar Shaikh, Additional Secretary of the Ministry of Maritime Affairs on the behalf of Chairman Gwadar Port Authority while Chairman Gwadar Port Authority, Noor-ul-Haq Baloch joined the event through Zoom. 'These ventures include developing Gwadar Port as a regional transshipment center, launching new industrial projects, optimising existing facilities within the Gwadar Free Zone, and relocating industries,' the ministry said. Pakistan's PNSC partners with Chinese firm to explore maritime investments The two sides also discussed ways to boost the performance of Gwadar Port and committed to adhering to Pakistan's legal and regulatory framework governing Gwadar's port and Free Zone operations, it added. 'They also pledged continued good-faith discussions to identify investment opportunities, finalise operational details, and establish mechanisms for cooperation.' Chaudhry reaffirmed Pakistan government's commitment to transforming Gwadar into a global maritime gateway and industrial powerhouse, emphasising that collaborations with reputable international enterprises would accelerate Pakistan's maritime and economic ambitions. On Monday, the government approved its first-ever ferry service licence to an international ferry operator, Sea Keepers, authorising the company to operate routes connecting Pakistan with GCC countries, according to a statement. The new ferry service is expected to serve hundreds of thousands annually, particularly pilgrims travelling to Iran and Iraq, alongside workers and tourists bound for GCC states.

Iron ore extends gains on resilient China demand
Iron ore extends gains on resilient China demand

Business Recorder

time13 hours ago

  • Business Recorder

Iron ore extends gains on resilient China demand

BEIJING: Iron ore futures climbed for a third straight session on Tuesday, aided by resilient near-term demand in top consumer China, although expectations of potential steel production control ahead of Beijing's key event capped gains. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) traded 0.38% higher at 792 yuan ($110.33) a metric ton, as of 0200 GMT. The benchmark September iron ore on the Singapore Exchange was 0.3% higher at $101.5 a ton. Fundamentals of iron ore remained healthy amid firm demand, analysts at broker Shengda Futures said, supporting prices of the key steelmaking ingredient. Average daily hot metal output, a gauge of iron ore demand, has been hovering around 2.4 million tons since April, even in the off-peak demand season of July and August when output typically contracts. Data from consultancy Mysteel showed that the output slid to 2.21 million tons by the end of August in 2024. Additionally, underpinning iron ore prices was also 'hope that efforts to tackle the overcapacity issues in China's steel industry will ultimately improve demand', analysts at ANZ said in a note. However, price gains were limited by prospects of a possible steel production restriction for a September 3 Beijing ceremony, commemorating the 80th anniversary of the end of World War Two. Chinese steelmakers, especially those in the northern region, usually constrain production before big events to ensure air quality in Beijing. That may dent the appetite for raw materials, including iron ore, pressuring prices. Other steelmaking ingredients on the DCE gained ground, with coking coal and coke up 2.31% and 0.47%, respectively. Steel benchmarks on the Shanghai Futures Exchange advanced. Rebar added 0.13%, hot-rolled coil climbed 0.83%, wire rod rose 0.97% and stainless steel gained 0.82%.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store