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Belarus-Russia exchange trade turnover up by 13%

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MINSK, 29 August (BelTA) - Exchange trade turnover between Belarus and Russia has grown by 13%, BelTA learned from the press service of the Belarusian Universal Commodity Exchange.

"In January-August 2022, mutual exchange trade between Belarus and Russia increased by 13% and amounted to $405 million. Since the beginning of the year, 177 new companies from Russia have been accredited with the exchange platform, more than from any other country," the press service said.

The growth came on the heels to the intensification of interaction with Russian regions, both directly with business and also with regional export support centers and chambers of commerce and industry. This made it possible to boody the supply of Belarusian goods to several regions of the Russian Federation, which has had a positive impact on the trade of the two countries. In particular, BUCE reported a 39% increase in exports to the Primorsky Territory, - 24% - Kaliningrad Oblast, 10% - Smolensk Oblast and 8% Moscow Oblast. In general, in January-August, Belarusian goods were exported to 18 regions of Russia. Six of them had not previously been involved in exchange trade at BUCE. These arey Rostov, Volgograd, Kirov and Belgorod regions, Bashkortostan and the Khanty-Mansi Autonomous Okrug.

The commodity nomenclature of mutual trade has expanded. For example, this year the first exchange deals were concluded to supply domestically produced feed additives to Russia. "In addition, high positive dynamics was recorded across such groups of goods as meat, endocrine-enzyme raw materials, timber, leather products. The import substitution platform has opened up really broad prospects for the development of exchange trade between the two countries. The demand for this trading platform is evidenced by the increase in the number of applications for purchase and sale placed by Russian enterprises, while some of them use the import substitution service almost daily," BUCE said.

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.

Since 27 May 2022, 6,387 transactions worth Br46.6 million have been made at the BUCE import substitution platform.

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