Posted: 12.02.2024 15:48:00

BUCE accredited first broker in Singapore

The first brokerage company from Singapore, Vooking Pro Pte. Ltd., has been accredited at the Belarusian Universal Commodity Exchange. Earlier, it operated as a trading visitor for more than two years. As a result, the BUCE foreign brokerage network now unites 22 companies from eight countries.

As a professional participant, Vooking Pro Pte. Ltd. plans to attract buyers of timber products from the Asian region to the exchange platform, thus contributing to the further expansion of exports geography.

“Last year, residents of 17 states bought lumber at stock trading. As a result, 1.4m cubic metres – almost 2 times more than in 2022 – of saw products were exported. The introduction of a targeted transaction mechanism played an important role, ensuring not only more flexible conditions for Belarusian exporters, but also simplifying the foreign buyers’ work on the exchange platform. In particular, the Singapore participants increased purchases of lumber through the stock exchange 2.4 times, breaking the mark of 120.4 thousand cubic metres by the end of 2023 and placing Singapore to the fifth position – behind China, Azerbaijan, Uzbekistan and Russia – in terms of import transactions with woodworking products. The accreditation of a broker in Singapore is a new stage in the development of exchange trading with this country, and we expect assistance from our Singapore partner in increasing the pool of buyers from Asian countries, including China and South Korea, where exchange deliveries of domestic lumber are already operational. In addition, a broker usually takes over the solution of transport and logistics issues, and this definitely contributes to increasing the attractiveness of the exchange mechanism for foreign companies. This is especially relevant for the countries of the far arc," BUCE spokesman Roman Yaniv explained.

At the moment, 6,907 foreign companies, including 660 from Asian countries, are accredited to BUCE, and China is the leader in terms of the number of bidders and transaction volumes in the Asian region. In 2023, forty-six new residents of China joined the exchange, and the amount of exchange transactions increased 2.7 times – to reach $80.6m.