Ulaanbaatar
Cross border trade of wool and cashmere to be conducted online
Economy
Ulaanbaatar /MONTSAME/ On March 30, Mongolian Commodity Exchange (MCE) LLC announced that it will conduct cross border trade in cooperation with Bohai Commodity Exchange (BCE) of China.
“Major producers declared that they will purchase wool and cashmere through BCE. Chinese side has an interest in getting washed and slightly combed cashmere. However our policy is to export combed cashmere or cashmere yarn not only to China but also to other countries including Italy and Japan. We are hoping for direct exports to Europe. The trade with China will start in the middle of April. Currently negotiations on information technology and trade procedures are ongoing. The advantages of direct contact with commodity exchange is that herders can sell their products to the end users at high price without passing through speculators” said CEO of the MCE Kh.Baatar.
The cross border trade through the Commodity Exchanges of the two countries will be conducted online and for five days a week. In the first place the cashmere sales are planned.
The main suppliers of raw materials in the world cashmere market are Mongolia, China, India, Iran, Afghanistan and Russia and Mongolia supplies about 40 percent.
B.Misheel
