BUCE to help Chinese synthetic fibre producers enter Belarusian market
Negotiations on co-operation with leading Chinese manufacturers of synthetic fibres on the sale of their products at stock auctions took place during the participation of a delegation of the Belarusian Universal Commodity Exchange (BUCE) in the recently held TIM Expo Shanghai international exhibition of thermal insulation materials and energy-saving technologies
Photo by BUCE press service
“Following the results of the meetings, a number of companies expressed their readiness to place applications for the sale of the most popular types of fibres in Belarus on the BUCE industrial and consumer goods platform. Accordingly, Belarusian light industry enterprises will be able to purchase the raw materials they need from suppliers from China, verified by the exchange, without intermediaries. This will not only improve the efficiency of the procurement activities of Belarusian bidders, but also contribute to the further strengthening of trade and economic relations between Belarus and China," the BUCE press service told sb.by.
This year, special attention is being paid to the involvement of non-residents of Belarus in the exchange trade in industrial and consumer goods. As a result, in January-July 2024, companies from eight countries, including the People's Republic of China, concluded deals with such goods.
“Companies from Russia, Tajikistan and Uzbekistan are still leading in terms of transaction volumes on the industrial and consumer goods platform. The share of these countries in the total amount of commodity exchange contracts exceeds 80 percent. However, Chinese companies have also become noticeably more active recently. Transactions began to be concluded more often, and they are regular for some commodity items. For example, spare parts and components for machinery, industrial tools and technological equipment have been supplied from China to Belarus this year, and those were mostly import-substituting products," BUCE spokesman Roman Yaniv said.
Since the BUCE representative office opened in Shanghai in 2023, the exchange's specialists have been constantly participating in major industry exhibitions, forums, conferences and other business events in organised in China. Direct contacts with representatives of Chinese businesses give additional opportunities to inform potential bidders about the tools and services of the BUCE, and also simplifies interaction with the already accredited companies.
According to the Belarusian Universal Commodity Exchange, the amount of transactions of Chinese business entities reached $84m in January-July 2024, or 2.6 times more than in the same period of 2023. The structure of transactions with residents of the People's Republic of China was dominated by exports of domestic woodworking products. As of August 1st, 207 Chinese exchange trading participants were accredited to the BUCE.
