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20 October 2022, 17:47

Belarusian commodity exchange accredits 100th company from China

MINSK, 20 October (BelTA) - China Township Enterprise Co., Ltd. (CTEC) has become the 100th company from China accredited to participate in trading at the Belarusian Universal Commodity Exchange (BUCE), BelTA learned from the press service of the Belarusian Universal Commodity Exchange.

At the initial stage the company intends to use the exchange floor for purchasing wood processing products that accounts for almost 90% of the Belarusian exports to China through the BUCE. “According to the data on the exports on the BUCE platform in January-September 2022 Belarusian goods worth $27 million were sold to the Chinese market, with more than $24 million of them earned timber - mainly sawn softwood boards,” the press service said.

In China, Belarusian timber products are widely used in the construction industry and for the manufacture of wooden containers.. However, due to the slowdown of China's economic growth, there has been some decline in demand in recent months. Today the situation is gradually leveling off, which has a positive effect on the activity of Chinese buyers. “Therefore, as from 26 October plans are in place to resume the practice of special trading sessions for the sale of timber to China with container delivery. Subordinate enterprises of the Forestry Ministry have already put up about 8,000 cubic meters of timber products for the upcoming bidding, but, of course, this is not the final figure, since applications have just been opened. In addition, a number of large private woodworkers have stated their intention to participate in the trading session, which means at least some 5,000-7,000 cubic meters. Thus, we expect to provide a sufficient volume of supply to interest Chinese buyers and attract them to the BUCE sales,” the BUCE stressed.

In addition to timber, unrefined rapeseed oil and skimmed milk powder were supplied to China through the BUCE this year. The total amount of transactions exceeded $3 million. “Considering that one of CTEC activities in China is trade in agricultural products, it is possible that in the future the Chinese company will master this segment of the exchange commodity market as well,” the press service added.

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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