CHONGQING — The spot trading volume of coffee on the Chongqing Coffee Exchange hit 10 billion yuan ($1.5 billion) as of August, making it the biggest spot trading platform for coffee in China.
According to Peng De, general director of the Chongqing Coffee Exchange, China’s coffee consumption has been growing by 20 percent every year and the size of the coffee market is expected to reach 600 billion yuan in 2020.
In June 2016, the coffee trading center was established in the southwestern city of Chongqing.
It aims to become China’s biggest platform for e-commerce cross-border trade, credit financing, trade settlement and big data collection in the coffee industry.
Chongqing is close to coffee production centers in Southeast Asia, South Asia and Yunnan province, the largest coffee producer in China.
The Chongqing-Europe railway has also put the city on the map as an international logistics hub by connecting the Yangtze River economic belt with Europe.
The coffee trading center has signed cooperation agreements with more than 200 domestic and foreign coffee companies.
Chongqing is expected to become the third-biggest coffee trading market after New York and London, said Peng.