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06 February 2024, 15:07

Belarusian commodity exchange accredits first broker in Singapore

MINSK, 6 February (BelTA) - The Belarusian Universal Commodity Exchange (BUCE) has accredited the first broker from Singapore - Vooking Pro Pte.Ltd., which has been a regular visitor of trading sessions for more than two years, BelTA learned from the BUCE press service.

In the status of a professional participant Vooking Pro Pte.Ltd. plans to attract buyers of timber products from the Asian region to the exchange, contributing to further expansion of the geography of exchange exports.

“Last year, residents of 17 states bought sawn timber at the exchange trading. As a result, 1.4 million cubic meters of sawn timber products were sold to foreign markets, up two times from 2022. The introduction of the targeted transaction mechanism played an important role in this, providing more flexible conditions for Belarusian exporters and simplifying the work of foreign buyers on the exchange platform. In particular, Singaporean participants increased purchases of sawn timber through the exchange by 2.4 times, up to 120,400 cubic meters in 2023. This placed Singapore fifth after China, Azerbaijan, Uzbekistan and Russia in import transactions with wood products. The accreditation of a broker in Singapore is the next step to develop exchange trade with this country. We expect our Singapore partner to help us increase the pool of buyers from Asian countries, including China and the Republic of Korea, where Belarusian sawn timber has already been delivered to. In addition, the broker usually takes care of transportation and logistics issues, which undoubtedly contributes to increasing the attractiveness of the exchange mechanism for foreign companies. This is especially true for the far away countries,” the BUCE press service said.

A total of 6,907 foreign companies are accredited with the BUCE, including 660 from Asian countries. China is the leader in terms of the number of trading participants and transaction volumes in the Asian region. In 2023, 46 new residents of China joined the exchange, and the amount of exchange transactions increased 2.7 times to $80.6 million. The BUCE foreign brokerage network includes 22 companies from eight countries.
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