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29 July 2020, 18:59

Belarus sells $5.1m worth of timber to China via commodity exchange in 2020

An archive photo
An archive photo

MINSK, 29 July (BelTA) – Since the start of the year Belarusian timber worth $5.1 million has been told to China via the Belarusian Universal Commodity Exchange (BUCE), BelTA learned from Spokesman for the Belarusian Universal Commodity Exchange Roman Yaniv.

“The export trading session on 28 July resulted in selling 8,800 cubic meters of timber to the tune of $1.4 million to China. All in all, since the start of the year, 32,300 cubic meters of timber worth $5.1 million has been sold to China,” Roman Yaniv said.

Launching regular deliveries of Belarusian timber to China using the exchange-trade mechanism is a pilot project of BUCE, Bellesexport (a special exporter of the Forestry Ministry) and Beltamozhsevis (a major logistics operator). The aim of the project is to provide direct access for Belarusian forestry companies to the Chinese market and optimize logistics costs.

“Until recently, the lion's share of domestic timber was delivered to China indirectly, mainly through the Baltic countries. This inflated prices of goods for the end consumer, and our exporters, in turn, they lost part of their foreign exchange earnings. Thanks to the joint project with Bellesexport and Beltamozhservis, dozens of Belarusian forestry companies got an opportunity to sell their products to the high-margin market of China without intermediaries,” said Aleksandr Bashliy, the head of BUCE's department of international relations and communications.

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 mercantile 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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