Business news
Belarus sells first batch of dairy products to Jordan via commodity exchange
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MINSK, 16 October (BelTA) - The Belarusian Universal Commodity Exchange (BUCE) has registered the first transactions for the sale of dairy products to Jordan, BelTA learned from the BUCE's press service.
The trial purchase included skimmed milk powder and whey powder with a total volume of 26 tonnes. According to BUCE, to start working at the exchange, the Jordanian company used the mechanism of targeted transactions, which involves a simplified procedure of accreditation of foreign buyers and the minimum rate of exchange fee of Br1. Jordanian residents had not concluded transactions on BUCE before.
“Jordan has joined the list of Middle Eastern countries that use the exchange platform to import Belarusian-made goods. Today, in addition to Jordan, these are Egypt, Iraq, Lebanon, United Arab Emirates, Oman, Saudi Arabia, and Syria. The UAE and Lebanon are the leaders in terms of the number of transactions concluded in January-September 2024. The dynamics is positive in both cases. Compared to January-September 2023, the turnover of Emirati participants increased in monetary terms by 96 times, and the one of Lebanese traders - by 1.5 times. Based on the structure of exchange sales, domestic timber and milk powder are in the greatest demand among Middle Eastern companies. Their share in the total volume of transactions is more than 70%,” the press service said.
The public joint-stock company (OAO) Belarusian Universal Commodity Exchange was established in 2004. The first trade sessions took place in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. Its key function is to assist Belarusian companies with exporting their products and assist foreign companies with entering the Belarusian market. The commodity exchange facilitates trade in metals, timber, agricultural products, and a broad choice of industrial and consumer goods.
As of 1 October 2024, 26 business entities from the UAE, six from Lebanon and Egypt each, five from Syria, three from Jordan, two from Iraq and one from Oman and Saudi Arabia apiece were accredited at BUCE.
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