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Belarusian commodity exchange posts tenfold increase in export of rapeseed oil in January

MINSK, 2 February (BelTA) - In January 2021 rapeseed oil export deals at the Belarusian University Commodity Exchange (BUCE) totaled $8.4 million, which was up almost 10 times year-on-year, BelTA learned from BUCE spokesperson Roman Yaniv.

“Belarusian rapeseed oil was bought by companies from seven countries. China was the second largest buyer in terms of the amount of deals outpacing last year’s leaders Latvia, Estonia and Switzerland. By the way, China  started purchasing rapeseed oil at the Belarusian University Commodity Exchange only this year. The volume of purchases is still small as Chinese companies are still studying the Belarusian market. Deals made at the two trading sessions totaled $1.3 million. Yet, prerequisites are in place for a significant increase in export as more companies from China accredit at the BUCE. In the past week alone, we welcomed two new participants," Roman Yaniv said.

It is expected that Chinese companies will drive competition during trading at the BUCE, which will generate additional revenue for Belarusian exporters. A good example was the recent trading session in timber products when the value of softwood lumber exceeded €200 per 1 m3.

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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