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Belarusian Universal Commodity Exchange to simplify purchase of analog products for agribusiness

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MINSK, 19 September (BelTA) – The Belarusian Universal Commodity Exchange (BUCE) has adjusted the functionality of the exchange trade system, in particular, the placement of purchase and sale bids and their display during trade sessions. The adjustments will make it easier to buy analog products in such categories as veterinary drugs, crop protection agents, fertilizers, seeds, forage, and feed additives, the BUCE press service told BelTA.

In practice buyers will be able to indicate their willingness to buy substitutes when they place purchase bids. The feature will increase the pool of potential sellers and the range of products available for purchase. The first trade session to use the updated software is supposed to take place in early October.

Software modules designed for selling the most popular groups of products belonging to the agribusiness segment have been updated. Those are primarily crop protection agents, which purchases rose by 39% in January-August 2023 to Br222 million. Veterinary drugs are as popular. Their sales rose by 67% to Br68 million. Since reverse auctions are in use, their effectiveness directly depends on the number of sellers, who participate in a trade session. In other words, the larger the number of suppliers is, the more profitable purchase terms are. If a buyer indicates he or she is ready to buy analog products, the range of products fitting this purchase bid gets automatically increased and more suppliers are attracted. On the one hand, the new feature simplifies the purchase process. On the other hand, it increases the level of competition, the BUCE press service said.

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