MINSK, 4 August (BelTA) – Trade sessions to export colza oil will be held more frequently, Press Secretary of the Belarusian Universal Commodity Exchange (BUCE) Roman Yaniv told BelTA.
Starting 4 August BUCE will held trade sessions twice a week – on Tuesdays and Thursdays – to export products made by processing oil-bearing-crops. The decision is expected to satisfy a spike in demand for Belarusian colza oil and extraction cakes on the part of foreign buyers and will expand sales capabilities of Belarusian exporters.
In January-July 2020 the sum of colza oil export deals exceeded $12 million, 2.4 times up from the same period of last year. The physical volume of trade increased as well. In January-July 2019 it stood at 7,200 tonnes of colza oil. The figure has already exceeded 16,000 tonnes this year. Switzerland is a major buyer and has bought $4.8 million worth of colza oil since the beginning of the year. Companies from Latvia, Lithuania, Russia, Ukraine, and Estonia also regularly participate in trade sessions hosted by the Belarusian Universal Commodity Exchange.
The introduction of an additional trade session to sell and buy colza oil is expected to further increase colza oil's export, step up competition among buyers, and diversify target markets.
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 mercantile 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.