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19 February 2024, 17:07

Commodity exchange trade between Belarus, Azerbaijan up 4.5 times

MINSK, 19 February (BelTA) - The amount of exchange transactions concluded by Azerbaijani residents the Belarusian Universal Commodity Exchange in 2023 reached $44.6 million, up by 4.5 times than in 2022, BelTA learned from the press service of the Belarusian Universal Commodity Exchange (BUCE).

Timber was the main contributor to the growth of commodity exchange trade with Azerbaijan. Over the past year, more than 301,000 cubic meters of Belarusian timber were sold to the Azerbaijani market, which was almost six times more than in 2022. The number of Azerbaijani bidders increased significantly. In 2022 only 7 companies from Azerbaijan concluded deals on BUCE. In 2023 there were 46 of them.

"Now the exchange mechanism is used for export only, providing direct access for Azerbaijani buyers to Belarusian timber producers. As a result, last year Azerbaijan ranked second after China in the import of sawn timber through the exchange platform. Yet, the potential for cooperation between our countries in the field of exchange trading was not fully used. In addition to timber, Belarusian enterprises are ready to export dairy, meat and metal products to Azerbaijan. All this is in demand. There are also great reserves for increasing Azerbaijani exports to the Republic of Belarus. It can be edible raw materials, fruits and vegetables, textiles, and lubricants. In other words, there are a lot of points of contact, and the necessary conditions for mutually beneficial trade have been created on the exchange," the press service said.

As of 1 February 2024, 95 Azerbaijani companies were accredited at BUCE. More than half of them came to the commodity exchange during the past year for timber. As part of the further development of cooperation with Azerbaijan, BUCE is exploring the possibility of accrediting a broker in that country. This will help attract more Azerbaijani business to the exchange platform and expand the range of goods in mutual trade.

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