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10 May 2024, 17:04

Belarusian commodity exchange registers first transit transaction in butter 

MINSK, 10 May (BelTA) - The first transit transaction to sell butter has been made at the Belarusian Universal Commodity Exchange, BelTA learned from by the press service of BUCE.

A company from Russia’s Moscow Oblast purchased 20 tonnes of butter from a supplier from Russia’s Leningrad Oblast. 

Foreign participants regularly use the Belarusian exchange platform for interregional and cross-border trade, the BUCE press service noted. First of all, this applies to residents of the Russian Federation, who accounted for more than 90% of all transit transactions in 2023.

In 2023, the total amount of transit contracts exceeded $12 million. Sellers and buyers were mainly companies from the regions of the Russian Federation - Moscow, Smolensk, Leningrad, Irkutsk, Kaliningrad and other regions. This year, we see a similar picture: transit transactions are concluded mainly by Russian bidders. To date, the volume of such transactions approached $2 million. The range of goods involved in transit exchange trade is constantly expanding, including due to the growth in the number of Russian enterprises accredited on the exchange. Since the beginning of the year, more than 200 new residents of the Russian Federation have joined exchange trading. BUCE has registered transit transactions in furniture, textiles and some types of building materials, and also agricultural products, petrochemicals and import-substituting goods," the press service said.

A transit exchange transaction is when both counterparties - the seller and the buyer - are non-residents of Belarus, and when the BUCE platform is used as a tool for minimizing risks. Currently, transit transactions are concluded both between companies from the same country and between residents of different states.
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