Minasul, Brazil’s second largest coffee grower cooperative, launched Coffee Coin on Thursday (1). It’s the world’s first green coffee-backed cryptocurrency.
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Two Saudi traders had an online meeting with representatives of Brazil’s Ministry of Agriculture, Cecafé, and BSCA. The Brazilians invited the Arab buyers to visit the country’s farms next year.
The volume purchased by the bloc in the first four months of the year was 678,000 bags of Brazilian produce.
The Hamwi Co. conglomerate, which makes assorted coffee brands and coffee-based products, welcomed Brazil’s ambassador to the UAE, Fernando Igreja, on Sunday (8). The company sources 70% of its coffee from Brazil.
Last month saw 3.8 million bags shipped from Brazil, up 8.6% from September 2019. Sales to the Arab countries were up 6.9% year-to-date through September.
In the last ten years, the emirate Dubai’s foreign trade in coffee generated AED 3.5 billion (USD 1 billion). Brazil is a major supplier.
Brazilian exports were down by 9.6% in August, while agribusiness sales climbed by 9%.
Last month saw 3 million bags of coffee shipped from Brazil, the next-to-highest amount since record-taking began.
The administration convened this week to outline actions intended to keep exchange rate fluctuations in check and protect purchasing power.
Revenue from foreign sales was up 5.2% year-on-year, although shipped volume went down.
Brazilian sector stood out amid the economic rebound and during the COVID-19 crisis. Valued exchange and export capacity make Brazilian agribusiness companies more attractive for foreign investors.
Sales to Arab countries slid 17.9% in volume and 20.5% in revenue in the four months through April.
Four Brazilian products earned geographic indications this year. The membership comes with a label that certifies the production, adding value and generating independence.
Project Arab Coffee Memories gives voice to immigrants who chose to live in Brazil and talk about the rites involving the drink.
