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06 May 2024, 18:34

Russian residents boost presence on Belarusian commodity exchange in January-April 2024

MINSK, 6 May (BelTA) - The amount of transactions made by residents of the Russian Federation on the Belarusian Universal Commodity Exchange (BUCE) in January-April 2024 reached $259.4 million, which was four times more than in the same period a year prior. The key growth driver was Belarusian farm produce exports to the Russian market, BelTA learned from the BUCE press service.

According to the BUCE press service, the export of agricultural goods to Russia increased in value terms by 59 times over January-April 2023. Domestic dairy products were in the greatest demand among Russian exchange trading participants, primarily butter, milk powder, cheese and cottage cheese and feed additives produced by Belarusian National Biotechnology Corporation. As for imports, grain crops, ferrous and non-ferrous metals, metal products, coal and coke were traditionally supplied to Belarus through the exchange.

"This year, companies from the Moscow, Leningrad, Smolensk, Yaroslavl and Kaliningrad are active participants on the exchange platform, and this drives the dynamics of transaction volumes. For example, the trade with the city of Moscow and Moscow Oblast in January-April 2024 surged by more than 10 times, with St. Petersburg and Leningrad Oblast - by 3.5 times, and Smolensk Oblast - by 2.4 times. The commodity structure of transactions differs by region. In particular, trade with Moscow Oblast was dominated by agricultural products and building materials. The share of these commodities accounted for 88% in the total amount of transactions. For comparison, in trade with Kaliningrad Oblast, metallurgical and woodworking products accounted for the lion's share of transactions. In terms of export/import there are also regional features. For example, Lipetsk Oblast is currently a net exporter. In 2024, this region sold grain to the Belarusian market, without buying any Belarusian goods through the exchange. Stavropol Territory, on the contrary, only imported Belarusian lumber. In this regard, work is constantly underway to attract new sellers and buyers from Russia to the tenders to ensure a more balanced structure of mutual trade," the press service of the Belarusian exchange noted.

According to BUCE, in 2024, companies from 43 regions of Russia concluded transactions on the exchange trading platform, and the number of accredited residents of the Russian Federation has increased by 6% since the beginning of the year and currently stands at 3,823.
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