BUCE and the Alliance of Economic and Commercial Advisers of China have identified areas for cooperation

November 18, MINSK. Promoting the development of the Belarusian-Chinese exchange trade in woodworking and agricultural products, as well as cooperation in the field of import substitution are identified as priority areas for cooperation between the Belarusian Universal Commodity Exchange and the Alliance of Economic and Commercial Advisors of CHINA (ECCAC). The discussion of the prospects for joint work in these areas took place during the visit of the ECCAC delegation to the central office of BUCE, BUCE spokesman Roman Yaniv told a BelTA correspondent.

The greatest interest of the Chinese side was caused by the possibility of participation in exchange trading in sawn timber, rapeseed oil and wet-blue tanned semi-finished product. According to Yali Feng, Deputy DIRECTOR General of the ECCAC Department of Foreign Economic Affairs, these goods are in high demand in China and are actively imported from other countries, so the products of Belarusian manufacturers will undoubtedly be in demand.

“We are primarily interested in highly liquid commodities such as lumber, rapeseed oil and wet blue leather. Despite the fact that imports of these products have significantly decreased this year amid a slowdown in the Chinese economy and the disruption of global supply chains, we can already see a gradual recovery in consumption volumes, which means that in the near future the level of demand will increase, including for Belarusian-made goods that have proven themselves in the Chinese market,” Yali Feng believes.

The ECCAC representative also noted the significant potential of the BUCE import substitution platform, which, given its functionality and an ever-expanding range of users, can become one of the main sales channels for Chinese goods in the Belarusian market.

“It is advisable to start with the supply of industrial equipment, spare parts, electrical equipment and workwear, that is, goods that occupy a significant share in the structure of transactions on your site and will definitely be in demand. In the future, based on the needs of Belarusian bidders, it will be possible to gradually introduce new commodity positions, and a wide network of business contacts will allow us to attract manufacturers of almost any product that is in demand in Belarus," the ECCAC representative assured.

JSC "Belarusian Universal Commodity Exchange" was established in 2004. The first auction took place in June 2005. BUCE is one of the largest commodity exchanges in Eastern Europe. The main function of the exchange is to assist Belarusian enterprises in exporting products and to help foreign companies enter the Belarusian market. The exchange sells metal, timber, agricultural products, industrial and consumer goods of a wide range.

In January-October 2022, Chinese companies purchased Belarusian products worth $19.5 million at the BUCE auction, which is two times more than in the same period last year. The bulk of the deals were in sawn softwood, unrefined rapeseed oil and skimmed MILK powder .