Commodities

Belarusian commodity exchange, ECCAC outline avenues of cooperation

MINSK, 18 November (BelTA) – Belarusian-Chinese exchange trade in timber and agricultural products and also cooperation in import substitution have been identified as priority areas of cooperation between the Belarusian Universal Commodity Exchange (BUCE) and the Economic & Commercial Counselors Alliance in China (ECCAC). Prospects for joint work in these areas were discussed during a visit of a ECCAC delegation to the BUCE central office, BUCE spokesman Roman Yaniv told BelTA.

China shows the greatest interest in the possibility of participating in exchange trading in timber, rapeseed oil and tanned semi-finished product “wet-blue”. According to ECCAC, these goods are in high demand in China and are actively imported from other countries, so the products of Belarusian manufacturers will undoubtedly be in demand.

First of all, ECCAC is interested in such highly liquid commodity items as timber, rapeseed oil and wet-blue leather. “Despite the fact that this year the import of these products has significantly decreased amid a slowdown in the growth rate of the Chinese economy and the disruption of global supply chains, we already see that consumption is gradually recovering. This means that in the near future the level of demand will increase, including for Belarusian-made goods that have proven themselves in the Chinese market,” ECCAC believes.

The ECCAC praised the potential of the BUCE import substitution platform, which, given its functionality and constantly expanding range of users, could become one of the main sales channels for Chinese goods in the Belarusian market.

“It is advisable to start with the supplies of industrial equipment, spare parts, electrical equipment and workwear, i.e. the goods that occupy a significant share in the structure of transactions at the platform and will definitely be in demand. In the future, based on the needs of the Belarusian bidders, it will be possible to gradually introduce new commodity items, and a wide network of business contacts will let us attract producers of almost any product that is in demand in Belarus,” the ECCAC delegation representatives said.

Founded in 2004, the Belarusian Universal Commodity Exchange conducted its first trading session in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its main function is to assist Belarusian enterprises with export and foreign companies with entering the Belarusian market. BUCE sells a wide range of metal, forestry, and agricultural products, industrial and consumer goods.

In January-October 2022, at the BUCE trading sessions Chinese companies purchased Belarusian products worth $19.5 million, twice as much year-on-year. The bulk of the deals were conducted in softwood timber, unrefined rapeseed oil, and skimmed milk powder.

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