Brazil, the world’s largest coffee producer and exporter, is considering allowing imports of the commodity to help improve the blends roasted in the country.
Brazil wants to boost exports of roasted blends, while reducing the sale of green beans and start importing coffee from countries such as Colombia to blend with its own beans, Trade Minister Fernando Pimentel said.
“We have to improve our blend, and that means bringing at least 30 percent of coffee from elsewhere to mix with our own,” Pimentel told reporters today at a conference in Belo Horizonte, Brazil. “This means we need to change a law that restricts green coffee imports.”
Coffee prices have dropped 18 percent this year in New York trading, forcing Brazil to announce a series of measures to help growers, including more than 3 billion reais ($1.31 billion) in financing and coffee options auctions of as much as 3 million, 60-kilogram bags of the bean.
“We have fully used all the tools we had in store to help growers,” Pimentel said. “We need to study ways to create big trading companies in Brazil so that we are not so vulnerable to foreign prices.”