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Economy
26 July 2022, 18:24

Belarusian commodity exchange to help Russian farmers to enter Belarusian market

MINSK, 26 July (BelTA) - The Belarusian Universal Commodity Exchange is ready to assist and provide comprehensive marketing support to agricultural enterprises of Russia's Rostov Oblast that are interested in selling their products in Belarus, Aleksandr Bashliy, Head of Foreign Relations at the Belarusian Universal Commodity Exchange, said when speaking at the Belarusian-Russian exchange forum in Rostov-on-Don organized by BUCE jointly with the regional export promotion center, BUCE press secretary Roman Yaniv todl BelTA.

"The exchange is a more flexible and versatile tool than conventional wholesale marketplaces. After all, in addition to the high concentration of supply and demand and transparent pricing, the exchange mechanism allows removing most of the risks inherent in foreign trade while respecting the interests of both sellers and buyers. As far as I know, Rostov Oblast became the leader in exports among all regions of the Southern Federal District last year. The exports to Belarus totaled $158.5 million, with farm produce accounting for a significant share. They are in stable demand on the stock exchange. First of all, it is grain and meal of oilseeds. For example, in H1 2022, Belarusian agricultural organizations increased purchases of cereals by 44% in physical terms to 99,400 tonnes, and twofold in value, to $23.8 million. This is a good niche for exporters from Rostov Oblast, especially small-sized producers that do not have a commodity-distribution network. There are similar opportunities for fat-and-oil products,” Aleksandr Bashliy said.

During the presentation he drew the attention of Rostov Oblast business representatives to the prospects of cooperation in import substitution. According to him, some of the 40 Rostov companies accredited at the BUCE have already used the import substitution service, acting both as suppliers and customers.

“The import substitution platform features more than 500,000 product items, including import-substituting goods which are in demand in Belarus and Russia. Rostov companies have not yet fully used this tool, but we expect that the activity will gradually increase, including thanks to such information and practical events,” stressed Aleksandr Bashliy.

About 20 representatives of trading and manufacturing companies from the region took part in the event. Welcome speeches were made by Deputy Minister of Economic Development of Rostov Oblast Yelena Fedotova, and Director of the Rostov Oblast Export Promotion Center Arkady Murzaev.

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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