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Business news

20 Jun 2018

British companies eager to buy Belarusian timber via commodity exchange

MINSK, 20 June (BelTA) – British companies are interested in buying Belarusian timber via commodity exchange. The possibility was discussed as a delegation of British woodworking companies visited the headquarters of OAO Belarusian Universal Commodity Exchange (BUCE), the BUCE press service told BelTA.

According to BUCE Chairman of the Board Arkady Salikov, by buying timber via the commodity exchange, British companies will get access to as many suppliers as possible in addition to considerably reducing possible foreign trade risks.

The BUCE chairman of the board said: “The main purpose of the commodity exchange is to accumulate demand for and supply of products, helping shape market prices in conditions of tough competition. However, we’ve done more than that and offer a number of instruments to insure buyers against the breach of contracts. The number includes transactions via sub-accounts of the commodity exchange, payment deposits, and the ability to appeal to the exchange deal oversight department. As a result, the share of problem deals does not exceed 1% of the total number.”

Apart from trading via the commodity exchange the sides discussed the quality of Belarusian timber, the stability of supplies and logistics. In particular, Peter Carter, Managing Director of Carter Turner Ltd, said the quality of Belarusian products is generally on par with British standards while the prices look very attractive even considering the cost of transportation.

The British businessman noted: “What we saw at the woodworking company Borisovski DOK exceeded our expectations. I believe these products will surely sell well on the British market. Besides, judging by exchange prices the competitive ability of Belarusian timber will be rather high while the schemes the commodity exchange offers will help optimize the costs involved in trading, quality control, payment, and merchandise delivery. Certainly, there are a lot of things, which are new for us, but we should definitely try.”

OAO Belarusian Universal Commodity Exchange also hosted B2B negotiations between the British delegation and Belarusian woodworking companies, which are interested in exporting timber via the commodity exchange. A list of Belarusian timber products, which are expected to sell well in the UK, will be compiled soon and a scheme for delivering the products to the mutual satisfaction of buyers and sellers will be worked out.

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