MINSK, 26 November (BelTA) - In October Chinese companies purchased timber via the Belarusian Universal Mercantile Exchange worth more than $1 million, which was much higher than the monthly average, BUCE spokesman Roman Yaniv told BelTA.
“Since October, we have seen an increased activity of Chinese companies in stock trading. One reason is the relaxation of the accreditation procedures. During this time, we welcomed four new participants. Thirteen residents of China got accredited on the stock exchange this year. This increase directly affected the amount of timber purchases, which exceeded $1 million in October.,” Roman Yaniv said.
In addition to the products of the forestry industry, the commodities in demand in the Chinese market include rapeseed oil, beet pulp, meat, sugar and dairy products. A number of applications from Chinese companies interested in purchasing these products has increased markedly.
“China's economy has coped with the negative effects of the coronavirus pandemic sooner than others. Today it is the largest importer of many commodities. Until now, timber has been the major export item to China via BUCE. But there is reason to believe that the range of commodities will soon expand, primarily due with agricultural products,” the spokesman added.
The Belarusian Universal Commodity Exchange was set up in 2004. It conducted its first auctions in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its main function is to assist Belarusian enterprises with exporting products and foreign companies with entering the Belarusian market. BUCE sells a wide range of metal, forestry, and agricultural products, industrial and consumer goods.