MINSK, 9 October (BelTA) – Belarusian sugar makers have confirmed their readiness to make full use of the Belarusian Universal Commodity Exchange (BUCE) to export beet pulp and molasses. The relevant agreement was reached at a meeting between representatives of the BUCE, the Belarusian state food industry concern Belgospishcheprom, Gorodeya
Sugar Refinery, and Slutsk Sugar Plant, BelTA learned from the BUCE press service.
Belarus started exporting beet pulp via the BUCE in September 2020. Since then, Belarusian sugar refineries have sold over €1 million worth of products to companies from Latvia, Lithuania, the Netherlands, and Estonia.
“The economic effect from using the commodity exchange can reach millions of euros. The first trading sessions showed that there is a demand for beet pulp and that competition between buyers helps increase exchange quotations. Export prices have surged almost by 25% over September, when we just started working with this product. However, this is not the limit,” First Deputy Chairman of the BUCE Board Andrei Novikov said.
Belarusian sugar refineries expressed interest in increasing the share of export of beet pulp and molasses via the BUCE up to 100%. According to them, if the BUCE attracts enough customers and ensures high competition, they are ready to use the exchange as their main sales channel.
Founded in 2004, the Belarusian Universal Commodity Exchange conducted its first trading in June 2005. The BUCE is one of the largest commodity exchanges in Eastern Europe. Its main function is to assist Belarusian enterprises with exporting products and foreign companies with entering the Belarusian market. The exchange sells a wide range of metal, forestry, and agricultural products, industrial and consumer goods.
