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BUCE electronic services on display at China International Import Expo
Photo courtesy of BUCE
MINSK, 8 November (BelTA) - The interactive stand of the Belarusian Universal Commodity Exchange (BUCE) and its electronic trading services are on show as part of the Belarusian national exposition at the 6th China International Import Expo. The event is taking place on 5-10 November in Shanghai, where BUCE has recently opened an official representative office, BelTA learned from the BUCE press service.
The purpose of the participation in the exhibition is to demonstrate the foreign trade potential of the exchange platform and its practical value for exporters and importers from Belarus and China. In this regard, in addition to studying the presentation and training materials on key areas of BUCE activities, visitors can learn about the interface and functionality of the BUCE trading system and practice placing bids for the sale and purchase of goods.
Special attention is paid to the electronic platform for industrial and consumer goods, which, along with standard purchase and sale operations, also makes it possible to place orders for the production of import-substituting products. So far, this service has been in demand mainly by Belarusian and Russian companies, so one of the results the exhibition is meant to bring about is an increase in the number of Chinese users of the platform. “Now the import substitution catalog contains over 3,000 current purchase requests and about 600 more to order. All these are real opportunities for Chinese manufacturers to enter the Belarusian market. The platform of industrial and consumer goods is available round the clock, and to interact with the trading system Chinese residents will not need the services of an interpreter, as the software has built-in support for foreign languages, including Chinese. In other words, there are no barriers to the use of the exchange mechanism, and you can apply for accreditation directly during the exhibition in Shanghai by contacting the staff of the exchange's representative office,” the press service said.
Exchange trade between Belarus and China has been actively developing since 2019. During this period, more than 150 Chinese companies have been accredited on the BUCE, and the volume of exchange trade has been steadily growing. In January-October 2023, the amount of transactions concluded by Chinese residents increased 2.3 times and amounted to $58.8 million. The greatest demand from Chinese traders was for sawn timber and rapeseed oil, while ferrous metals and ferrous metal products were mainly supplied to Belarus.
The opening of the BUCE representative office in Shanghai became another step of the Belarusian exchange towards its Chinese partners. The main functions of the representative office are to expand the range of Chinese users of the exchange platform, promote Belarusian goods in the Chinese market, and organize imports of import-substituting products in demand in Belarus.
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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