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Yarn producers from Uzbekistan conclude first deals at Belarus’ commodity exchange

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MINSK, 31 August (BelTA) – Cotton yarn producers from Uzbekistan have concluded their first deals to sell products in Belarus using the platform of industrial and consumer goods of the Belarusian Universal Commodity Exchange (BUCE), BelTA learned from the press service of the BUCE.

As a result, two trial deals were conducted. All 140 tonnes of the products were purchased by one of the country’s biggest textile industry enterprises. “Yarn is included in the list of import-substituting goods, so the deals can be considered the first successful experience of using the Belarusian import substitution service by resident companies from Uzbekistan. However, it is even more important that BUCE provided the Belarusian enterprise with direct access to the manufacturers and walked it through the entire procurement process. So far, only a few yarn suppliers from Uzbekistan use the exchange, but over time, their number will rise and thus the efficiency of the exchange trade mechanism will increase. The work to bring more companies from Uzbekistan - both importers and exporters - is continuous,” the BUCE press service noted.

BUCE accredited 74 Uzbek business entities, including 7 stock brokers. In January-August 2023, the amount of transactions by Uzbek bidders skyrocketed more than 9 times. Uzbek companies mainly purchase lumber, sugar, meat and petrochemical products, and sell textile raw materials to Belarus.

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