Business news
Belarusian commodity exchange to cooperate with China’s producers of synthetic fibers
An archive photo
MINSK, 6 August (BelTA) – A delegation of the Belarusian Universal Commodity Exchange (BUCE) took part in TIM Expo Shanghai, the international exhibition of thermal insulation materials and energy-saving technologies in Shanghai, and held negotiations on cooperation with China’s major producers of synthetic fibers, BelTA has learned from the BUCE press service.
A number of Chinese companies expressed their readiness to sell the most demanded types of fibers in Belarus on the BUCE platform. Thus, Belarusian light industry enterprises will be able to purchase the raw materials they need from suppliers from China verified by the exchange without intermediaries. This will increase the efficiency of procurement activities of Belarusian traders and also contribute to trade and economic relations between Belarus and China.
This year the BUCE is working hard to attract non-residents to exchange trading in industrial and consumer goods. In January-July 2024, companies from eight countries, including China, made deals in industrial and consumer goods.
"Companies from Russia, Tajikistan and Uzbekistan are the leaders in terms of transaction volumes in the industrial and consumer goods section. These countries accounted for more than 80% of the total amount of exchange contracts in the industrial and consumer goods section. However, Chinese companies have recently become more active. Transactions have become more frequent, and for some commodity positions have become regular. For example, this year China supplied Belarus with spare parts and components for machinery, industrial tools and technological equipment. Moreover, these were mainly import-substituting products," the BUCE press service reported.
Since the opening of BUCE's representative office in Shanghai in 2023, the exchange's specialists have continuously participated in major industry exhibitions, forums, conferences and other business events in China. Direct contact with Chinese business provides additional opportunities to inform potential traders about BUCE's tools and services, and also simplifies interaction with the accredited companies.
According to the BUCE, in January-July 2024, the amount of transactions with Chinese economic entities reached $84 million, which was 2.6 times more year-on-year. The structure of transactions with Chinese residents was mostly dominated by the export of woodworking products from Belarus. As of 1 August, 207 exchange traders from China were accredited on the BUCE.
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