Business news

27 Jan 2021

Sawn timer worth $2.4 m sold to China at Belarusian commodity exchange

MINSK, 27 January (BelTA) – More than 11,000 m3 of sawn timer worth $2.4 million bound for the People's Republic of China has been sold at the 2021 first timber trading session at the Belarusian University Commodity Exchange (BUCE), BelTA learned from BUCE spokesperson Roman Yaniv.

"With prices rising during the trading session, Belarusian exporters received $91,000 in additional revenue," Roman Yaniv said.

The Belarusian University Commodity Exchange launched special trading sessions to sell timber products to China with delivery in containers to points of destination in December 2020. The main goal of the project is to diversify the export of the Belarusian timber industry, and to ensure regular shipments of Belarusian timber to China.

“Special exchange trades sell timber products with delivery to the final consumer in China. At the same time, the buyer can choose the most convenient basis of delivery. For example, at the last trading session, all the volume of sawn products put up on sale was purchased with delivery to Qingdao, the largest seaport in Shandong Province. Thus, Belarusian goods are becoming more attractive for Chinese buyers while domestic exporters get an opportunity to expand the geography of sales and increase revenue,” Roman Yaniv noted.

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.