Baku, Azerbaijan, Feb. 18
By Fakhri Vakilov – Trend:
Exports through the Uzbek Commodity Exchange (UZEX) over the past year more than doubled compared to 2017, Chairman of the UZEX Management Board Farohiddin Ibrahimov told Trend in an interview.
Ibrahimov stated that the dynamics of transactions at UZEX depends directly on the exporters’ placing goods for exchange trades, the volumes of which usually decrease by the end of the year. “For instance, in December last year non-ferrous metals and certain types of petroleum products were not put up for exchange trades.”
He said the total exports through UZEX over the past year reached $125.9 million, which is more than two times higher than in 2017.
“The main advantages of trading through UZEX are the transparency of trades and mutual settlements, direct access to reliable producers, saving time and money, as well as guarantees for payment and delivery of goods. Therefore, local and foreign entrepreneurs are interested in using the exchange technologies in implementation of the export/import operations, which gives every reason to expect further growth in exports through UZEX.”
Ibrahimov stressed that the structure of exports is not subject to drastic changes. In 2018, the share of cotton fiber in exports was 35 percent. This is followed by polyethylene at 29 percent, non-ferrous metals at 19 percent, petroleum products at 13 percent and other goods at 4 percent.
“It is worth noting that the exports at the Commodity Exchange are carried out not only through the currency trading platform, but also through exhibitions and fair trades, which are a certain B2B form of electronic commerce. In this system, all types of products not related to the “exchange commodity” category are sold via the internet,” Ibrahimov said.
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