MINSK, 15 November (BelTA) – Over 2,300 tonnes of rapeseed oil worth $3.5 million has been sold via an export trade session organized by the Belarusian Universal Commodity Exchange (BUCE), BUCE Press Secretary Roman Yaniv told BelTA.
Buyers from Lithuania, Poland, and Estonia made six transactions, including one to the tune of $1.6 million. It was one of the largest transactions involving this kind of merchandise this year. BUCE analysts believe that there are no reasons to expect the European demand for Belarusian rapeseed oil to decrease any time soon.
Export exchange quotations for non-refined rapeseed oil made by Belarusian companies have reached an all-time high. Prices for Belarusian rapeseed oil have increased by 65% since the beginning of the year. Foreign buyers are ready to pay $1,590 per tonne of Belarusian rapeseed oil on terms that include delivery to the Belarusian border. The demand rises all the time and the Belarusian Universal Commodity Exchange registers another record-high total virtually every week.
The Belarusian Universal Commodity Exchange attributed the growing European interest in Belarusian rapeseed oil to the rising popularity of biodiesel fuel, which is particularly popular due to the rapidly rising oil prices. The shortage of rapeseed seeds due to poor harvests in exporter countries is another factor. Taking into account these factors the Belarusian Universal Commodity Exchange expects strong sales in the near future.
In January-October 2021 rapeseed oil accounted for more than half of the export of agricultural products via the Belarusian Universal Commodity Exchange. As much as $55 million worth of rapeseed oil was sold, 2.3 times as against January-October 2020.
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 mercantile 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.