INTERNATIONAL TRADE AND GLOBAL CHALLENGES

Анотація

The article is devoted to the analysis of trends in international trade in the conditions of current global challenges, including the pandemic that led to the introduction of quarantine restrictions, lockdown, and closure of national borders causing one of the largest economic crises in the last century. The article also aims to substantiate the role of exports for economic development of countries. Important global trends that have been observed are identified, the processes of development of the sphere of international trade are determined, and the position of the World Trade Organization in the researched issues is highlighted. The article outlines the peculiarities of the application of a number of measures aimed at regulating foreign trade flows including a significant restriction of exports of certain categories of goods and simplification of import procedures for goods needed to combat the pandemic in the countries of the world. An econometric model (a panel regression model) is constructed to illustrate the dependence of the gross domestic product of the twenty leading countries on their exports of goods and services. The study proves that the growth of exports of goods and services will directly lead to GDP growth. It is substantiated that, in the conditions of emergence and long-term action of the trends and with a simultaneous absence of means preventing the negative influence of global factors on international trade in general and foreign trade of separate countries of the world, there is a danger of reduction of their role as an important factor of economic growth. The trends of development of foreign trade of Ukraine are considered in the period of the pandemic, in particular its commodity and geographical structure, rates of change of volumes of trade flows. The stress is laid on the high export-oriented raw materials, the steady trend of import dependence and the preservation of the negative balance of the foreign trade balance of our country. The common features and differences in the processes of foreign trade operations by the EU member states and Ukraine are summarized. Emphasis is placed on the need to create effective response mechanisms at the state level that can reduce the negative impact of global challenges on the country’s foreign trade.

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