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29 July 2021, 18:39

BUCE reports 3.5-fold increase in transit transactions in 2021

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MINSK, 29 July (BelTA) – The sum of transit transactions made by foreign companies on the Belarusian Universal Commodity Exchange (BUCE) has skyrocketed 3.5 times to $4.5 million, BUCE's spokesman Roman Yaniv told BelTA.

“In a transit transaction, both the seller and the buyer are foreign companies. In 2021, such transactions on BUCE were conducted by companies from Latvia, Lithuania, Russia, Poland, and Estonia. The range of products sold via such transactions has expanded. In H1 2020, it was mostly about industrial and consumer goods. Now, transit transactions are made in almost all goods on sale on BUCE,” Roman Yaniv said.

This year, most of the transit transactions were in timber products, industrial and consumer goods. For example, Russian companies actively supplied sawn wood of coniferous trees to the Baltic states and Poland. In H1 2021, BUCE handled 77 such transactions worth $968,000. Russian companies also actively traded in industrial and consumer goods. Their major exports were fabrics, lighting equipment, furniture, and motor oil. There were 76 transactions in these goods worth around $2.3 million. As for agricultural products, BUCE registered only one transit transaction, but it was worth as much as $1.2 million. The transaction was concluded between two Lithuanian companies: a seller and a buyer of rapeseed oil.

“BUCE is gradually gaining more ground with foreign companies that seek to minimize risks. We expect the share of transit transactions in the total trade via BUCE to increase in the future,” Roman Yaniv noted.

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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