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19 January 2023, 14:19

Exchange trade between Belarus, Russia's Ural Federal District up by 33% in 2022

MINSK, 18 January (BelTA) - Over the past year, the exchange trade turnover between Belarus and the Ural Federal District of Russia rose by 33%, Aleksandr Bashliy, Head of Foreign Relations at BUCE, said during an online conference organized by the Trade Representation of the Russian Federation in Belarus and the Russian Export Center, BUCE spokesman Roman Yaniv told BelTA.

To further trade between Belarus and the Ural Federal District, Belarusian Universal Commodity Exchange is ready to provide export-oriented enterprises of the region with the digital infrastructure and tools. In addition to making the entry of Ural exporters into the Belarusian market simpler, the use of the exchange mechanism will also provide an alternative channel for the supply of goods produced in the Urals to third countries.

"Over the past year, the exchange trade turnover between Belarus and the Ural Federal District went up by 33%. Important contributors were companies from Kurgan Oblast which supplied a wide range of ferrous metal products for the needs of the Belarusian industrial complex and the construction industry. Sales of bridge metal structures alone totaled $10.4 million. Belarusian enterprises traditionally bought coal, cable and wire products and ferroalloys from Chelyabinsk Oblast, and pipe products and non-ferrous metals from Sverdlovsk Oblast. Companies from the Khanty-Mansiysk Autonomous Okrug debuted at the Belarusian commodity exchange last year," Aleksandr Bashliy noted.

Despite the quite high positive trade dynamics, cooperation between Belarus and the Ural Federal District in the field of electronic exchange trade is not yet as robust as we would like to see it, Aleksandr Bashliy said.

"The main problem is the lack of awareness of the business community about the possibilities of the exchange mechanism. Now only 157 business entities of the Ural Federal District are accredited at BUCE. The growth potential is enormous. We have high hopes for export promotion centers, which link BUCE and business from the regions. Such interaction, of course, would give a powerful impetus to the development of the district's exchange trade with Belarus," Aleksandr Bashliy emphasized.

The representative of the exchange also noted that as part of the work to expand the pool of exchange trade participants from the Ural Federal District, BUCE will participate in the Innoprom international industrial exhibition, which will be held in Yekaterinburg on 10-13 July. Throughout the year, BUCE will hold face-to-face and online seminars for interested enterprises - both exporters and importers.

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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