Tashkent, Uzbekistan (UzDaily.com) — The total volume of exchange transactions conducted in 2024 by enterprises from the Republic of Belarus and the Republic of Uzbekistan amounted to US$55 million, which is three times more than in 2023. This was reported by Grigory Ginsar, director of the Gomel branch of the Belarusian Universal Commodity Exchange (BUCT), during a meeting with a delegation from Ferghana region of Uzbekistan, which visited Gomel on 13 January.

According to the BUCT representative, the growth in exchange trade between the two countries was facilitated by almost a twofold increase in the number of Uzbek participants in the trading process, as well as the introduction of new liquid commodity positions in bilateral trade.

"In January 2024, 97 Uzbek companies were accredited on the exchange, and by the end of December, their number had increased to 177. This increase in interest in exchange trading is due to comprehensive informational work with the business circles of Uzbekistan, including regular participation in industry exhibitions, organizing training seminars for Uzbek companies, and cooperation with the Embassy of Uzbekistan in Belarus and the Belarusian diplomatic mission in Uzbekistan. Additionally, compared to 2023, the range of goods purchased and sold by Uzbek enterprises on the exchange has expanded.

For example, since mid-last year, Belarusian dry skimmed and whole milk began being sold on the Uzbek market. The total value of transactions from August to December exceeded US$4 million. As for imports, raw materials for the textile industry, such as carded cotton yarn and unfinished fabric, were actively supplied to Belarus. The transaction value for these goods increased by one and a half times compared to 2023," Ginsar stated.

During the discussions with the Ferghana region delegation, prospects for the development of exchange trade with the Gomel region were explored. One of the priority areas identified was the export of lumber, which accounted for 88% of transactions between Belarusian and Uzbek trading participants in 2024. The parties also plan to intensify cooperation in the procurement of agricultural products, especially dairy and meat products.