Key Factors of Foreign Trade Competitiveness: Comparison of the EU and BRICS by Factor and Cluster Analysis

Bohdan Vahalík () and Michaela Staníčková ()
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Bohdan Vahalík: Department of European Integration, Faculty of Economics, VSB-Technical University of Ostrava, Czech Republic
Michaela Staníčková: Department of European Integration, Faculty of Economics, VSB-Technical University of Ostrava, Czech Republic

Society and Economy, 2016, vol. 38, issue 3, 295-317

Abstract: International competitiveness is influenced by globalization processes in the world economy. This process changes the comparative advantages of each country and thus the shares of individual countries in world trade. BRICS countries have quickly strengthened their influence in international trade, and thus the European Union must face new pressure in competitiveness from their side. The aim of this paper is to define key factors of foreign trade competitiveness by an application of factor analysis and identify countries with similar characteristics of competitiveness factors by an application of cluster analysis. Factor and cluster analysis contain indicators of foreign trade which describe the driving forces of competitiveness, also in terms of long-term potentiality, and those which are direct or indirect outcomes of a competitive society and economy. Based on the results of the factor analysis, it is possible to classify the evaluated territories according to the level of foreign trade advancement by cluster analysis.

Keywords: BRICS; competitiveness; EU; factor analysis; cluster analysis; input–output dimension (search for similar items in EconPapers)
JEL-codes: C67 F14 (search for similar items in EconPapers)
Date: 2016
Note: This paper was supported by the SGS project [SP2015/106] of Faculty of Economics, VŠB-TU Ostrava and Operational Programme Education for Competitiveness [Project CZ.1.07/2.3.00/20.0296].
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