MINSK – Rapeseed oil accounted for almost 60% of total export of agricultural products via the Belarusian Universal Commodity Exchange, BelTA learned from BUCE's Spokesman Roman Yaniv.
“In Q1 2021, rapeseed oil was the most popular agricultural product among foreign companies on BUCE. It accounted for almost 60% of total export transactions in agricultural products. In Q1 2021, foreign participants of trading sessions bought 18,900 tonnes of rapeseed oil worth $21.3 million, which represented a 3.4-fold increase in natural terms and a 5-fold increase in monetary terms year-on-year,” Roman Yaniv said.
According to him, such export growth was possible thanks to the increased number of buyers from traditional markets and to efforts to access new markets. “In Q1, the top export markets for Belarusian rapeseed oil were the Baltic states and Switzerland that accounted for more than two-thirds of export. New promising markets include China, Poland, and Russia. Belarusian manufacturers alone cannot satisfy the demand of these countries, so BUCE would like to attract rapeseed oil suppliers from other countries for transit transactions via BUCE. In January-March, such transactions amounted to $1.2 million and continues to grow,” he explained.
BUCE has reported surging sales of rapeseed oil since the end of 2019. In 2020, export transactions in rapeseed oil surged 2.4 times, from $15.7 million to $38 million. Rapeseed oil sales continue growing: in Q1 2021, sales more than doubled year-on-year.
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.