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BUCE to facilitate trade between Mogilev Oblast, China’s Tianjin
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MINSK, 26 June (BelTA) – The Belarusian Universal Commodity Exchange (BUCE) will facilitate trade in industrial and agricultural goods between Mogilev Oblast and Tianjin, one of the largest cities in China, the BUCE press service told BelTA.
For this purpose, elements of the BUCE electronic ecosystem will be used to help Belarusian and Chinese companies buy and sell goods through classic trading sessions or through BUCE’s B2B platform that operates like a marketplace with an integrated trading mechanism.
“Session trading is convenient for regular large-volume purchases, therefore this type of trading is extensively used by Chinese lumber importers. During one trading session, they purchase an average of least 2,000 cubic meters of lumber, which is enough to load an entire container train. Of course, deals are also concluded with Mogilev companies, and these deals extend beyond lumber products and exports. For example, this year a Chinese manufacturer sold spare parts for industrial equipment through BUCE’s import substitution service for the first time. The spare parts were bought by a Mogilev company that repairs water heating and air conditioning systems. I have no doubt that we will also be able to fruitfully cooperate with Tianjin in these areas,” Director of BUCE’s Mogilev branch Ivan Smolnikov said commenting on the outcomes of the negotiations with Tianjin business people on the sidelines of the Belarus-China regional business forum “Mogilev Oblast and the City of Tianjin: Five Years of Cooperation.”
Based on the profile of the Chinese participants in the forum, priority attention will be paid to the export of Belarusian meat and dairy products and vegetable oils to Tianjin and later on to other cities included in the Bohai Economic Rim, while Belarus will buy polymer packaging materials, diesel generators, industrial paints, sheet metal, veterinary drugs and other products in demand in the country.
As of 1 June 2024, 194 companies from China were accredited at BUCE, including two companies with the status of stock brokers. In January-May 2024, exchange trade between Belarus and China soared 3.9 times to reach $78.3 million.
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