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09 November 2022, 17:45

Timber worth over $4m purchased at Belarusian commodity exchange by companies from China, Singapore

MINSK, 9 November (BelTA) - Almost 22,000 cubic meters of timber were sold to China via BUCE, BelTA learned from the press service of the Belarusian Universal Commodity Exchange (BUCE).

A total of 21,600 cubic meters of Belarusian timber (shipped in containers, CFR) were sold to China in a special export trading session at the Belarusian Universal Commodity Exchange. Thus, 73.5% of the resource put up for exchange trading by domestic woodworking enterprises was sold.

The trading session featured 15 foreign buyers, including 11 residents of the People's Republic of China. Companies from China and Singapore purchased three lots of sawn timber for a total of 29.7 million yuan, or $4.1 million. For the convenience of buyers, timber sellers indicated several delivery points in their offers, including Taicang, Tianjin, Shanghai and Changsha.

"Special trading sessions are focused on a specific market, in this case China. Yet buyers should not be necessarily from China. Theoretically, a resident of any country can purchase timber at a special session. The main point is delivery to end consumers in China. Therefore, companies from other countries are allowed to the trade, which ensure higher level of competition and higher prices, and accordingly, higher revenue for domestic exporters," the press service said.

BUCE has been holding special trading sessions to sell timber to China since December 2020. transactions worth $1.5 million in equivalent were made at the previous session held on 2 November.

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