Long-term retrospective trends in the EU foreign trade development with the UK, USA and China

L. L. Razumnova ()

International Trade and Trade Policy, 2020, issue 4

Abstract: Based on the latest data, the article examines the quantitative indicators of foreign trade in goods of the European Union (EU27) over the past 15 years with states that are not part of this economic grouping. Trends in the structure and dynamics of foreign trade turnover are revealed, including those determined by changing role of Great Britain and the United States in connection with Britain's secession from the Union (Brexit) in January 2020. In particular, there is a convergence in the growth rates of the studied countries group and an increase in its share in EU imports while reducing the share in merchandise exports. The quantitative trends of changes in the trade balance and commodity structure are analyzed. The author identifies the most significant factors determining the development of EU commodity exchange, comprising the role of US oil exports and anti-Russian sanctions. Some promising areas of research on this issue are determined with consideration of the results obtained by Russian and foreign scientists, such as competitiveness and the formation of the global value chains.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:acl:journl:y:2020:id:402

DOI: 10.21686/2410-7395-2020-4-23-43

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