MINSK, 29 September (BelTA) - Russia is the leader in the volume of commodity exchange trade with Belarus, Chairman of the Board of the Belarusian Universal Commodity Exchange (BUCE) Aleksandr Osmolovsky said at the panel discussion “Belarus-Russia: Integration and New Horizons of Industrial Cooperation and Import Substitution” held as part of the Belarusian Industrial Innovation Forum, BUCE spokesman Roman Yaniv told BelTA.
“In January-August 2021, the commodity exchange trade between Belarus and Russia increased 1.5 times to reach $375 million, which is more than with any other of 68 countries represented on our platform. Ferrous and non-ferrous metals, coal, coke, and cable and wire products topped the list of import transactions. Belarus' main exports included building materials, dairy products, rapeseed oil, and wet-blue leather. The Russian Federation also ranks first in the number of accredited non-resident companies. Now we have more than 2,600 Russian participants, which is more than half of all foreign exchange clients. In my opinion, this clearly demonstrates the level of our cooperation in exchange trading,” said Aleksandr Osmolovsky.
The BUCE head emphasized transit transactions as a very perspective area. In his opinion, the use of the exchange platform as a springboard to enter third country markets will contribute to the growing popularity of exchange trading among representatives of Russian business.
"In January-August 2021 the amount of transit transactions made by the traders from the Russian Federation reached $5.5 million. These were mainly supplies of wood processing products, petrochemicals, goods of the construction industry, and also equipment and machinery. The most popular with Russian companies was the platform of industrial and consumer goods, functioning as an electronic marketplace for B2B-segment. Russian exporters used it successfully to sell their products to Latvia, Lithuania, Poland and Estonia,” the chairman of the BUCE Board 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.
