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Belarusian commodity exchange reports fourfold rise in rapeseed oil sales

Photo courtesy of BUCE

MINSK, 19 March (BelTA) – In January-February 2021, export of rapeseed oil via the Belarusian Universal Commodity Exchange (BUCE) soared fourfold both in monetary and in natural terms year-on-year. Supplies to the Chinese market were one of the main growth drivers, BUCE's Spokesman Roman Yaniv told BelTA.

In January-February 2021, export of rapeseed oil via BUCE equaled $15.5 million. Thanks to growing prices, Belarusian exporters earned additional revenues of around $204,000.

The surge in export was attributed not only to a strong demand from major buyers, such as Switzerland and the Baltic states, but also to new promising markets.

“This year, Belarusian companies that trade on BUCE have got the green light to start exporting to China, which contributed to export growth in natural terms. In general, the Chinese market is large enough to consume all exports of the Belarusian fat and oil industry. China has already joined Lithuania and Switzerland as one of BUCE’s top three buyers of rapeseed oil. If the demand does not fall, the Chinese market might become a priority export market for Belarusian manufacturers this  year,” BUCE’s press service noted.

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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