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04 March 2024, 14:53

BUCE takes part in China International Allfood Expo

MINSK, 4 March (BelTA) - The Belarusian Universal Commodity Exchange (BUCE) took part in the China International Allfood Expo, one of the largest food-related exhibition forums in China, the BUCE's press service told BelTA.

This time the exhibition was held in Shenzhen, Guangdong Province gathering over 1,500 food producers from all over the world. The BUCE took part in it in order to increase exports of Belarusian agricultural products to the Chinese market and expand the range of participants of exchange trading from this country.

The BUCE delegation held meetings with the management of more than 50 Chinese companies on the purchase of Belarusian meat and dairy products, sugar and rapeseed oil, as well as on the supply of machinery and equipment for the food industry to Belarus. The parties reached agreements on accreditation of buyers of skim milk powder, whey powder and beef at the BUCE. In addition, Chinese manufacturers of packaging lines, freezers, pasteurizers and bottling systems showed interest in the Belarusian exchange platform. There are plans to place bids for the sale of this equipment on the BUCE industrial and consumer goods platform, where an electronic service of import substitution has been operating since 2022 especially for enterprises of the real sector of the economy.

The China Food Association Prefabricated Food Committee will assist the BUCE representative office in Shanghai in informing Chinese business entities about the possibilities of applying the exchange mechanism. Prospective areas of cooperation with this organization were also discussed on the sidelines of the China International Allfood Expo.

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.

An estimated 167 Chinese residents are accredited with the BUCE. Since the start of 2024, they have concluded exchange transactions totaling $26.1 million, which is 3.5 times up as compared with the same period of 2023. The BUCE was used to supply mainly wood products to China, and to import while ferrous and non-ferrous metal products from China.
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