NUCLEAR POWER IN BELARUS AND WORLDWIDE
MINSK, 16 June (BelTA) - In January-May 2020, the export of rapeseed oil via the Belarusian Universal Commodity Exchange (BUCE) increased three times in both monetary and physical terms, BUCE spokesman Roman Yaniv told BelTA.
“The volume of rapeseed oil export through the Belarusian Universal Commodity Exchange rose more than threefold - to Br15.4 million in January- May. In physical terms, the export surged to 9,300 tonnes. The main markets are the European Union countries: Latvia, Lithuania and Estonia. The BUCE is also exploring other countries in Europe with an increased demand for oilseed products. For example, with the assistance of the Latvian broker, the BUCE sells significant amounts of rapeseed oil to Switzerland,” Roman Yaniv said.
BUCE analysts believe that the upward trend in the exchange-traded rapeseed oil export is likely to continue until the end of the year. This will be facilitated both by the increase in supplies from domestic producers, and also by the increase in the number of foreign buyers using the exchange platform.
“Belarus, Russia and Ukraine are the three biggest rapeseed oil suppliers to the EU market. In the past, over-the-counter trading accounted for almost all export, but now more and more exporters choose the exchange as an alternative marketing channel. The exchange is constantly attracting new customers, intensifying competition. Market conditions are expected to be favorable this year. Declined production of rapeseed oil in the EU in the wake of the coronavirus pandemic will spur import, which means that prices will stay rather high, at least in the near future,” the BUCE experts believe.
The Belarusian Universal Commodity Exchange was set up in 2004. It conducted its first auctions in June 2005. The BUCE is one of the largest commodity exchanges in Eastern Europe. Its main function is to assist Belarusian enterprises with exporting products and foreign companies with entering the Belarusian market. BUCE sells a wide range of metal, forestry, and agricultural products, industrial and consumer goods.
In January-May 2020, agricultural trade via the BUCE totaled Br335 million, with export at Br28 million. Belarus' major exports include milk powder, milk whey, products from oilseed crops, butter, rennet cheese, and meat.
