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29 March 2023, 16:02

Exchange trade between Belarus, Russia's Sverdlovsk Oblast up 30 times

MINSK, 29 March (BelTA) - The amount of transactions concluded by companies from Russia's Sverdlovsk Oblast at the Belarusian Universal Commodity Exchange (BUCE) increased by almost 33 times compared to January-March 2022, while the number of exchange trade participants from this Russian region has reached 80 since the beginning of the year, BUCE Head of the Foreign Economic Activity Department Aleksandr Bashliy said at a meeting with business representatives of Sverdlovsk Oblast, BelTA learned from the BUCE press service.

According to the BUCE representative, the high positive dynamics of the exchange commodity trade was achieved through the increased interaction with small and medium-sized business of Sverdlovsk Oblast, including with the assistance of the regional export promotion center. This made it possible to attract new participants to trading sessions and expand the range of Sverdlovsk goods presented on the Belarusian exchange platform. “If we look at the structure of last year's transactions, Sverdlovsk Oblast mainly supplied ferrous and nonferrous rolled metal products to Belarus. These were pipes, rods, circles, sheet steel, as well as cable and wire products. Sales volumes were small. That is why more detailed work was carried out with a number of export-oriented enterprises in the Russian region, including those already accredited at the exchange. As a result, currently there is a gradual expansion of the commodity nomenclature, and not only in the metal products segment. This year business entities of Sverdlovsk Oblast used the BUCE's import substitution platform for the first time, selling a trial batch of high-pressure hoses,” Aleksandr Bashliy said.

According to the head of the BUCE department, the potential of the exchange trading platform has yet been used only partially, as the deals between the Sverdlovsk and Belarusian companies are limited to the import of goods to Belarus. “It turns out that there is no reciprocity of supplies and the commodity flow is directed only towards Belarus and Sverdlovsk companies do not buy our products. At the same time, Sverdlovsk Oblast has a considerable interest in Belarusian dairy products, polymer products, textiles, and facing materials. All these items are presented at the exchange and can be supplied to the Russian region. We will provide all necessary assistance - from assistance with accreditation to control over the execution of the deals,” the BUCE representative added.

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