Analysis of the current state of ukraine's foreign trade relations by types of trade flows

Maryna Kovbatiuk, George Kovbatiuk, Viktoriia Shkliar and Andrii Pietukhov
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Maryna Kovbatiuk: State University of Infrastructure and Technologies
George Kovbatiuk: State University of Infrastructure and Technologies
Viktoriia Shkliar: State University of Infrastructure and Technologies
Andrii Pietukhov: State University of Infrastructure and Technologies

Economic Synergy, 2024, issue 2, 85-104

Abstract: The analysis of foreign trade relations enables countries and businesses engaged in international trade to adapt to changes in the global trading system, respond effectively to challenges, and seize opportunities for economic growth. In addition, such analysis contributes to strengthening international economic ties, increasing the competitiveness of national economies, and improving the welfare of the population. The dynamism of the process of foreign trade development requires constant monitoring of its state, identification and consideration of factors affecting the efficiency of foreign trade activities, so the article examines the indicators of Ukraine's exports and imports by aggregated technological product groups for the period 2018-2022, identifies the main trading partners and assesses the balance of foreign trade using the import-export coverage ratio. Trade relations with Ukraine's largest partners, Poland and China, are analysed in more detail. The structure of merchandise exports and the changes that are taking place in it indicate its unsatisfactory nature. This structure does not allow Ukrainian goods to compete fully on international markets. So far, Ukraine remains a primarily raw material country. If we consider the second component of foreign trade relations - commodity imports - we can say that they constantly exceed exports, which is a negative factor in terms of the efficiency of the national economy. It is determined that Ukraine's foreign trade relations are in a state of dynamic evolution, which is shaped by both opportunities and challenges. The country's strategic efforts to diversify export markets, reduce dependence on energy imports, and strengthen economic ties with the EU are essential to promote sustainable growth. Continued reforms, investments in key sectors, and taking advantage of trade agreements will be crucial to ensure that Ukraine performs well in a challenging global trade environment. As the country adapts to the changing geopolitical and economic landscape, its foreign trade relations will remain a crucial factor in economic prosperity and global integration.

Keywords: foreign economic relations; international (foreign) trade; trade flows; analytical monitoring; international analysis; foreign trade activities of enterprises (search for similar items in EconPapers)
JEL-codes: F10 M41 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:bja:isteus:y:2024:i:2:p:85-104

DOI: 10.53920/ES-2024-2-6

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