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29 May 2024, 18:21

Belarus, Hungary intend to intensify exchange trade

MINSK, 29 May (BelTA) -  The Belarusian Universal Commodity Exchange presented its capabilities and held talks with representatives of the Hungarian business community interested in working in the Belarusian market through the exchange platform. The presentation and negotiations took place on the sidelines of the Belarusian-Hungarian business forum timed to coincide with the visit of Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto to Minsk, BelTA learned from the BUCE press service.

Taking into account the specialization of the forum participants, industrial goods and agricultural products were outlined as priority areas of the Belarusian-Hungarian exchange trade. For example, Hungary is interested in Belarusian rapeseed oil, beet pulp and molasses, milk powder and whey. These products are sold via BUCE to a number of European countries. The e demand remains high, which ensures the regularity of transactions. In January-April 2024, exports for these commodity items via BUCE reached $28.5 million, which was up by 5.4 times year-on-year.

As for imports from Hungary, the Hungarian companies participating in the forum expressed their readiness to supply agricultural seeds, lighting fixtures and equipment for the energy industry to Belarus, using the BUCE platform.  

In addition, representatives of the exchange held a meeting with the Hungarian Export Promotion Agency to discuss the prospects for cooperation in organizing joint information events on the topic of exchange trade for Hungarian producers.

The public joint-stock company (OAO) Belarusian Universal Commodity Exchange was established in 2004. The first trade sessions took place in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its key function is to assist Belarusian companies with exporting their products and assist foreign companies with entering the Belarusian market. The commodity exchange facilitates trade in metals, timber, agricultural products, and a broad choice of industrial and consumer goods.
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