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Economy
07 December 2022, 18:29

Belarusian commodity exchange launches weekly trades in food raw materials for domestic market

MINSK, 7 December (BelTA) - Belarusian Universal Commodity Exchange (BUCE) has launched weekly trades in food raw materials for the domestic market, BUCE spokesman Roman Yaniv told BelTA.

The tenders are based on the principle of reverse auction, which enables domestic food producers to expand the range of suppliers and reduce the cost of purchasing food additives, flavors, fillings and other components used in food production. With a view to reaping the maximum economic effect from the use of the exchange mechanism, BUCE continues to work on a pool of participants and is attracting sellers to the trades.

"Trades in food raw materials is held on Mondays within the framework of one trading session in fruits, vegetables and groceries. Using the commodity exchange, Belarusian food industry enterprises have the opportunity to purchase a wide range of popular raw materials, including starch and starch molasses, gelatin, confectionery fat, cocoa butter substitutes, citric acid, yeast, baking soda, wheat gluten, thickeners. The main task of the exchange is to concentrate as much supply as possible and ensure a sufficient range of products so that Belarusian enterprises can satisfy if not all, then a significant part of their needs for raw materials via BUCE. Thus, market participants will have a single channel for purchasing the entire range of food raw materials with competitive pricing and effective tools for monitoring the execution of transactions," the BUCE press service said.

In January-November of 2022, transactions to sell agricultural products at BUCE increased in value terms by 16% and amounted to Br1.8 billion. More than 42% accounted for domestic sales of oilseed meal and feed additives. In terms of export, vegetable oils, beet pulp and molasses, and also Belarusian-made amino acids were in the greatest demand.

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