The potential for the development of electronic exchange trade between Belarus and China became the central theme of the presentation of the Belarusian Universal Commodity Exchange (BUCE) at the international online forum on trade and economic cooperation held as part of the China-Eurasia Expo.
The event was attended by representatives of the organizing committee and the secretariat of China-Eurasia Expo, and top officials of enterprises and organizations of the countries - honorary guests of the exhibition: Azerbaijan, Belarus and Pakistan. During the presentation special attention was paid to the practical results of the Chinese business on the exchange platform. Given the high activity of Chinese business entities in the exchange trade, it is expected that the exchange mechanism will serve as a driver in the trade and economic relations between Belarus and China.
“A year ago, 20 Chinese companies were accredited at the exchange. Today there are already 52 of them, and the deals are made in all commodity areas: timber products, agricultural products, metal products, industrial and consumer goods. In Belarus, Chinese participants buy timber, rapeseed oil and sugar, while the Belarusian market is mainly supplied with ferrous rolled metal products from China. As a result, in January-July 2021 the commodity turnover amounted to $30.3 million, up two and a half times,” said Roman Yaniv.
BUCE's practice of special export trading sessions aimed at the Chinese market has played an important role in the development of the exchange trade between Belarus and China. Their main feature is that Belarusian goods are offered for sale with delivery to the largest seaports and railway stations in China, which significantly increases their attractiveness for Chinese consumers.
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.