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14 March 2024, 13:35

Belarusian industrial enterprises busy trading via BUCE

Photo courtesy of the Belarusian Universal Commodity Exchange
Photo courtesy of the Belarusian Universal Commodity Exchange
MINSK, 14 March (BelTA) – Enterprises run by the Belarusian Industry Ministry nearly doubled their deal value at the Belarusian Universal Commodity Exchange in the last two years. Deputy Chairwoman of the Board of the Belarusian Universal Commodity Exchange (BUCE) Irina Narkevich mentioned it during a business seminar on opportunities for using exchange trade in the manufacturing sector, the BUCE press service told BelTA.

Irina Narkevich said: “If I had to briefly evaluate results of the work of Industry Ministry enterprises at the commodity exchange last year, I’d say they are positive on the whole. Virtually all the major manufacturers have already been accredited [with BUCE] and participate in trade sessions. The value of their deals was close to Br1 billion in 2023. In other words, this figure nearly doubled since 2021.”

In her words, while operating via the commodity exchange, enterprises run by the Industry Ministry primarily acted as buyers. They bought rolled metal products, cable and wire products, polymers, lubricants, round timber and individual kinds of agricultural products.

The official went on saying: “I’d like to mention BUCE’s platform for industrial and consumer goods. An import substitution service operates within the framework of this platform. As expected, the tool turned out to be popular with Industry Ministry enterprises. As a result, in 2023 they sealed a total of Br120 million worth of deals. Three times as much as in 2021.” Irina Narkevich stressed that the potential for interaction with the industrial sector is far from exhausted. In particular, significant reserves are available for buying metals and products for consumer applications as well as for exporting merchandise. More efforts will be poured into invigorating these areas this year.

The seminar covered in detail the matters of urgent interest for industrial enterprises, including peculiarities of purchasing goods via BUCE using proprietary resources, access to foreign markets via BUCE trade platforms, BUCE transaction support, the regulatory framework of exchange trade, and key trends in the development of mercantile exchange markets of the Eurasian Economic Union countries.

A Q&A session ended the seminar. Participants of the seminar could talk to BUCE specialists informally and receive professional consultations about the aspects of exchange trade they were interested in starting with accreditation and the placement of purchase and sale applications and ending with the signing of exchange-traded contracts and control over their execution.

The public joint-stock company (OAO) Belarusian Universal Commodity Exchange was established in 2004. The first trade sessions took place in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its key function is to assist Belarusian companies with exporting their products and assist foreign companies with entering the Belarusian market. The commodity exchange facilitates trade in metals, timber, agricultural products, and a broad choice of industrial and consumer goods.

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