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Lithuania named top rapeseed oil buyer on Belarusian commodity exchange

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MINSK, 24 May (BelTA) – Lithuania is the biggest buyer of rapeseed oil on the Belarusian Universal Commodity Exchange (BUCE), BUCE's spokesman Roman Yaniv told BelTA.

“Transactions in rapeseed oil made by Lithuanian companies rose twelve-fold to $15.2 million, making Lithuania the biggest buyer of this product on BUCE. The top three also includes Switzerland ($9.2 million) and Latvia ($2.2 million). In January-April 2021, the growth rate of sales to these countries came at 746% and 148% year-on-year respectively,” Roman Yaniv said.

In January-April 2021, Belarus exported 24,700 tonnes of rapeseed oil worth $28.6 million via BUCE, which was up four times in natural terms and up six times in monetary terms year-on-year. According to Roman Yaniv, rapeseed oil is still the most popular agricultural product sold on BUCE. It accounts for 66% of the total export of agricultural products.

“Rapeseed oil is supplied to seven countries, three of which – China, Russia, and Poland – started trading on BUCE only in 2021. Lithuania placed first because more companies from this country came to BUCE. Six out of 18 foreign companies that bought rapeseed oil on BUCE were from Lithuania. Buyers of rapeseed oil have also started purchasing larger batches, which demonstrates greater trust in BUCE,” he added.

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. As many as 5,100 companies are accredited at BUCE, including 474 companies from Lithuania, 166 from Estonia, and nine from Switzerland.

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