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12 January 2022, 18:16

BUCE's new broker in China to focus on Belarusian farm produce

MINSK, 12 January (BelTA) – Zhejiang Pinke Textile Co., Ltd, which has become a new broker of the Belarusian Universal Commodity Exchange in China, plans to start its work on BUCE by attracting buyers of agricultural products to the exchange auctions, spokesman for the Belarusian Universal Commodity Exchange (BUCE) Roman Yaniv told BelTA.

Rapeseed oil, meat and dairy products are considered as the most promising Belarusian goods for sale on the Chinese market. According to the BUCE press service, Chinese companies purchased these goods via BUCE in 2021. Therefore, the task for the current year is to make such transactions a regular practice and increase their volumes.

"2021 can be considered a landmark year in terms of the growth of exchange trade between Belarus and China. First, the number of Chinese companies accredited on the Belarusian commodity exchange almost doubled. Two of them received the status of brokers and are engaged in the promotion of Belarusian products in the Chinese market.

Second, the two countries have expanded the list of products in mutual trade. Earlier, Chinese bidders were mainly interested in Belarusian timber. Now they buy oilseed products and sugar and also sell ferrous metal products in Belarus,” said Roman Yaniv.

In 2021 exchange trade between Belarus and China increased by 3.5 times. “This was also facilitated by special trading sessions tailored for the Chinese market, with goods offered with delivery to the end buyer. For the convenience of Chinese bidders, prices in the exchange trading system are specified in Chinese yuans,” the spokesman said.

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.

As of 1 January 2022, a total of 27,632 companies were accredited with the Belarusian Universal Commodity Exchange, including 5,539 Belarus' non-residents from 68 countries. Russia is leading in the number of exchange trade bidders (2,745 companies).

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