(Yicai) May 15 -- Coinciding with the state visit of Brazil’s president to China, Luckin Coffee opened a Brazilian coffee-themed store in Beijing yesterday and set out its plans to open 30 more nationwide.

Last year, Starbucks main rival in China signed a five-year non-binding agreement with Brazil to buy 240,000 tons of coffee beans worth CNY10 billion (USD1.38 billion). The Xiamen-based firm said it intends to deepen its collaboration with the South American country this year.

Luckin Coffee's first Brazilian coffee-themed store opened in Shanghai late last year, while its Luckin Brazil Coffee Museum was launched in Kunshan.

President Luiz Inácio Lula da Silva visited China from May 10 to 14, accompanied by a large delegation that included 11 government ministers and 150 business leaders. A slew of trade deals were signed, with China set to invest a further USD4.6 billion in Brazil.

Trade between the two countries rose 3.6 percent to USD188.2 billion last year from 2023. Brazil's exports to China amounted to USD116.1 billion, resulting in a trade surplus with China. Iron ore and soybeans dominate Brazil's exports, while shipments of specialty agricultural products such as coffee and fruit are also growing rapidly.

Mixue Group, another Chinese beverage chain, recently announced that in the next three to five years, it will procure products such as coffee beans from Brazil worth at least CNY4 billion (USD550 million). The company will open its first cafe in Brazil this year, and will also start building a supply chain factory in the country.  

Editor: Tom Litting