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24 April 2024, 12:24

Belarus seeks to promote exchange trade with Algeria

Photo courtesy of BUCE
Photo courtesy of BUCE
MINSK, 24 April (BelTA) – The Belarusian Universal Commodity Exchange (BUCE) has plans to promote exchange trade in agricultural products with Algeria, BUCE Press Secretary Roman Yaniv told BelTA.

In order to further expand the geography of exchange trade, BUCE plans to facilitate the export of Belarusian agricultural products to North Africa, namely meat, dairy, fat and oil products, as these products are in high demand in the region. Thus, BUCE can become an additional sales channel for Belarusian exporting enterprises, while African importers will be able to purchase products directly from domestic companies. This is the main reason why a BUCE delegation took part in the international food industry exhibition DJAZAGRO that is running in Algeria on 22-25 April. BUCE and Algerian companies have negotiated the delivery of Belarusian milk powder and rapeseed oil to Algeria. These products are now actively sold to European and Asian countries.

“Dairy products and vegetable oils are among the most popular export items in the agricultural sector. Milk powder worth almost $16 million was sold in the first quarter of 2024. This is nearly as much as during the entire 2023. Rapeseed oil has traditionally been the most sold vegetable oil. Moreover, despite the drop in global prices for this product at the beginning of the year, the total amount of transactions concluded by foreign buyers in January - March 2024 were up by 11% year-on-year,” the BUCE press service informed.

According to BUCE, the Algerian market holds a lot of promise for Belarusian exchange trade participants for two main reasons: due to high effective demand from local consumers and the possibility of entering the markets of neighboring countries. Therefore, during the DJAZAGRO exhibition, BUCE is doing a lot of networking in order to engage Algerian companies that are ready to import agricultural products from Belarus, and to find partners that can help facilitate Belarus-Algeria exchange trade. Thus, on 23 April, the BUCE delegation met with senior members of the Algerian Employers Association that showed interest in informing the Algerian business community about the potential and advantages of using the BUCE platform.
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