Uzbek yarn producers for the first time sold their products through the Belarusian stock exchange
Tashkent, Uzbekistan (UzDaily.com) -- Producers of cotton yarn from Uzbekistan for the first time used the platform of industrial and consumer goods of the Belarusian Universal Commodity Exchange (BUCE) to sell their products in the Republic of Belarus. As a result, two trial deals were made with a total volume of 140 tons. In both cases, the buyer was one of the leading domestic enterprises of the textile industry.
“According to the TN VED code, yarn is included in the list of import-substituting goods, so the transactions concluded can be considered the first successful experience of using the Belarusian import substitution service by residents of the Republic of Uzbekistan. However, even more important is the fact that the stock exchange provided the Belarusian enterprise with direct access to the direct producers of the raw materials it needs and provided full support for the procurement procedure. So far, only a few Uzbek yarn suppliers are represented on the exchange, but over time, the pool of sellers will expand, thereby increasing the efficiency of the competitive mechanism of exchange trading. Work to attract new participants from Uzbekistan - both importers and exporters - is ongoing," the press service of BUCE stressed.
To date, 74 Uzbek business entities are accredited to BUCE, including 7 stock brokers. At the end of 8 months
In 2023, the amount of transactions made by bidders from Uzbekistan increased by more than 9 times. Through the exchange, Uzbek companies mainly purchase lumber, sugar, meat and petrochemical products, and supply textile raw materials to Belarus.