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08 April 2022, 13:37

Belarus' commodity exchange expands assortment of exports to Uzbekistan

An archive photo
An archive photo

MINSK, 8 April (BelTA) – The Belarusian Universal Commodity Exchange (BUCE) has expanded the assortment of exports to Uzbekistan, BUCE Press Secretary Roman Yaniv told a BelTA correspondent.

The Belarusian Universal Commodity Exchange completed the first transaction to export Belarusian chemical products to Uzbekistan. A company from Uzbekistan purchased 20 tonnes of polyacrylonitrile fiber on EXW terms. Previously, only agricultural goods, primarily meat products and by-products, were purchased by Uzbekistan's companies through the exchange.

BUCE expects that the debut purchase of the synthetic fiber will pave the way for regular deliveries to Uzbekistan, as this product is in demand by the local textile industry.

“Belarus accounts for about 25% of chemical fibers and threads produced by the CIS countries; a significant amount of this product is exported. Taking into account the high development level of the textile and clothing industry in Uzbekistan and the ever-growing demand of local companies for high-quality raw materials, this market looks very promising for Belarusian exporters. Therefore, the pilot deal to purchase polyacrylonitrile fiber can be considered a landmark event for Belarusian exporters,” the BUCE press service noted.

In particular, Belarusian producers of chemical fibers will be able to polish the scheme of selling their products through the exchange, as well as logistics and payment schemes. This will also send a positive signal to other market participants. Moreover, to increase the interest in the auction, measures are already being taken to bring new buyers from Uzbekistan. At the same time, the main goal is to make deals to sell Belarusian chemical products regular.

As of 1 April 2022, 5,673 foreign organizations were accredited to participate in exchange trading at BUCE, including 40 from Uzbekistan.

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.

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