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28 September 2021, 12:43

Belarus' commodity exchange to hold regular sessions to sell fruit and vegetables

An archive photo
An archive photo

MINSK, 28 September (BelTA) – In October 2021 the Belarusian Universal Commodity Exchange (BUCE) is set to start holding regular trading sessions to sell fruit and vegetables for the domestic market, BUCE's Spokesperson Roman Yaniv told BelTA.

These products will be sold by farmers and big agricultural companies and bought by retail chains. This will be done through reverse auction. The use of the exchange mechanism is expected to reduce the cost of vegetables and fruit for end consumers. Bidding will be held weekly. Preparations for bidding are currently underway.

“From the technical point of view, BUCE is absolutely ready for trading in fruit and vegetable products on a regular basis. We plan to start with vegetables: potatoes, carrots, cabbage and beets. All these commodities are already included in the electronic catalog and orders for them can already be placed. Now the number one task is to find and train participants of the auction. To this end, training seminars will be held for potential sellers (about 120 biggest farms) with the assistance of the regional executive committees on 4-15 October. We will also train buyers. The first trading session will take place by the start of November,” the press service said.

In fact, fruit and vegetable products are already sold at BUCE, but not through trading sessions, but as part of industrial and consumer goods. “Over the past three months, we have facilitated transactions worth Br2.5 million to buy peaches, plums, cherries and pears. In general, market participants are interested in the commodity exchange. For example, an application to sell a large batch of cranberries has been received recently. We hope that the buyer will be found in the near future,” the BUCE representative emphasized.

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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