The Belarusian Universal Commodity Exchange (BUCE) has started selling Belarusian flax fiber to China, the BUCE press service told BelTA.
“During an export trading session held at the Belarusian Universal Commodity Exchange, the first batch of domestic flax fiber was sold to the PRC. A total of five transactions totaling 102 tonnes were concluded. The sellers were two major flax fiber producers from Vitebsk Oblast and Mogilev Oblast, and the buyer was a trading company from Jiangsu Province specializing in the import of textile products. Setting a foothold on the Chinese market is seen as a major win for the Belarusian flax industry as this is expected to open up new export opportunities for domestic enterprises,” the press service said.
The commodity exchange sells Belarusian flax fiber (cotonized and short fiber, and combed fleece) to four countries now - China, Latvia, Russia and Türkiye. Since the exchange trading in flax fiber was launched, 570 tonnes of these products have been sold overseas.
“Adding China to the list of buyers is important for three reasons. Firstly, it is an additional incentive for Belarusian flax mills to sell more products through exchange trading. Secondly, it is a positive signal for importers from China, who are interested in the Belarusian market, but have been hesitant to enter the commodity exchange for one reason or another. And thirdly, the more foreign buyers take part in trading sessions, the better terms domestic sellers can get,” the BUCE press service 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.
