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Belarusian Universal Commodity Exchange makes maiden deal to sell dairy to China
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MINSK, 8 July (BelTA) – The first deal to sell skimmed milk powder to China was concluded at the Belarusian Universal Commodity Exchange (BUCE), Press Secretary of the Belarusian Universal Commodity Exchange Roman Yaniv told a BelTA correspondent.
The pilot batch weighed 75 tonnes and cost $250,000. The trial deal was aimed at identifying possible bottlenecks in mutual settlements and logistics. There are plans to increase supplies of Belarusian powdered milk to China and start selling other types of dairy products on the Chinese market, such as butter, cream, cheeses and whey.
According to the BUCE press service, so far Chinese companies have used the BUCE platform mainly to buy lumber, which lagged behind the true potential of exchange trade between the two countries.
“Of course, the expansion of the product lineup will give a boost to mutual trade. The first successful experience of selling milk powder to China through BUCE can later be scaled up to include other dairy products listed on the exchange. Plus, Chinese consumers have already appreciated the high quality of Belarusian dairy products that were purchased on the over-the-counter market. So now it is important to bring them to use the exchange trade platform more actively as it offers a number of advantages, like access to Belarus’ leading dairy companies and additional services that simplify the operation of Chinese businesses in Belarus,” the press service informed.
In H1 2022, the exchange trade between Belarus and China was estimated at $41 million, up 1.5 times year-on-year. The most popular Belarusian goods in China were edged sawn softwood, while Belarus mainly bought ferrous metallurgy products - rolled sheets and seamless steel pipes.
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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