Russia's Ryazan Oblast increases exchange trade with Belarus
13:40, 6 December
Photo: BUCE
Russia's Ryazan Oblast has increased exchange trade with Belarus six times, BelTA learned from the press service of the Belarusian Universal Commodity Exchange (BUCE).
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The amount of transactions concluded by enterprises of Ryazan Oblast at BUCE increased more than six times compared to January-November 2022, with the product range of mutual trade significantly expanded. Eight new companies took part in exchange trading. Such data were voiced during the presentation of BUCE's foreign trade potential at a meeting with businessmen of Ryazan Oblast, which took place at the Trade Mission of the Russian Federation in Belarus on 5 December. The event was attended by 11 manufacturing and trading enterprises of Ryazan Oblast - mainly small and medium-sized businesses.
According to BUCE, in 2023 ferrous and non-ferrous metal scrap, meat processing products and “wet-blue” leather were supplied to the Ryazan market, while malting barley, lubricants and rolled steel were delivered to Belarus. There are still significant reserves to intensify interaction between Belarus and Ryazan Oblast in the exchange sector. In particular, the potential of the BUCE platform of industrial and consumer goods, where the import substitution service has been functioning since 2022, are not fully utilized. The share of Russian companies in the turnover of this trading platform is about 9%, which is the highest indicator among all foreign participants. Russian residents participate in trading as both sellers and buyers, and also make transit exchange transactions. In January-November 2023, the amount of such transactions reached Br35 million, which is 20% more than in January-November 2022.
“This year, of 32 Ryazan enterprises accredited at the exchange, only one has so far concluded transactions on the industrial and consumer goods platform. It was the import of salt aluminum slag. Following the results of the meeting with representatives of the business community of Ryazan Oblast, it was decided to attract manufacturers of import-substituting products to the auction. Goods of this category have a very high liquidity, and today their share in the total structure of transactions on the platform is 56%,” the BUCE press service said.
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.
