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24 August 2022, 17:22

Belarusian commodity exchange holds first auction of sugar for export

MINSK, 24 August (BelTA) - Belarusian Universal Commodity Exchange held the first trading session of sugar for export, BelTA learned from the press service of Belarusian Universal Commodity Exchange (BUCE).

It was one transaction for 135.6 tonnes. Residents of four countries participated in the trading session, and the buyer was a company from Kazakhstan. "A small batch of sugar was put up for the first auction in order to work out the mechanism for its sale via BUCE. Sugar was previously sold at BUCE as part of the section of industrial and consumer goods, but those were one-time transactions that did not have a systemic framework. Back then, only two out of four sugar factories operating in the country placed applications for sale, which seriously limited the export potential of the exchange platform. Now the main focus is to ensure the regular pattern of export and geographical diversification," the press service explained.

During a visit to the commodity exchange on 2 August, Belarusian Prime Minister Roman Golovchenko outlined two key tasks: first, to ensure transparent market pricing in sugar export, and secondly, to expand sales markets (currently Russia accounts for the lion's share). "To fulfill this instruction, over the following few weeks, we worked on a pool of potential buyers. The first trading session was a success. The goods were sold on good terms for the seller with an advance payment of 100%," BUCE said.

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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