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22 December 2022, 17:10

Timber worth $12.3m sold to China via Belarusian commodity exchange

MINSK, 22 December (BelTA) - More than 62,000 cubic meters of timber worth 85.5 million yuans ($12.3 million) has been sold to China at a special export trading session held by the Belarusian Universal Commodity Exchange (BUCE), Roman Yaniv, a spokesman for the Belarusian exchange, told BelTA.

According to the BUCE, this has been a record-setting trading session in terms of both the volume of transactions and the amount of the material sold to China. Three Belarusian sellers and 13 foreign buyers took part in the session.

“Special trading sessions differ from regular export bidding in that the cost of the lot already includes delivery of the goods to a certain point in the country of destination – China, in this case. This means that even if the lot is bought by a non-resident of China, the non-resident is still obliged to sell the goods on the Chinese market. In this regard, in addition to the eight Chinese companies as buyers the trading session included representatives of five countries in Asia and Europe. It is important to note the high level of competition. Thus, some lots were claimed by three or four bidders, and the increase in the starting prices reached 4%. As a result, residents of China and Singapore purchased 10 lots to the total tune of 62,200 cubic meters of timber, which is half of all the timber put up for bidding,” the BUCE press service said.

Special trading sessions on sales of timber to China have been held at the BUCE since December 2020 with the support of the Belarusian Forestry Ministry. The main goal is to diversify export supplies of products of domestic woodworking enterprises and to increase export revenues through the use of a competitive mechanism of exchange trading. Both organizations affiliated to the Forestry Ministry and private woodworkers offer their products at special trading sessions.

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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