Abstract
The European Union and the Black Sea Economics Cooperation countries are geographical neighbors and important trade partners. Greece, Bulgaria and Romania have a cross-membership in both organizations. The paper analyzes trends and structure of trade relations of the EU and BSEC countries. The EU trade with the 12 BSEC countries is about 640 billion dollars. The BSEC countries with the EU membership or a custom union with the EU have more intra-industry trade with the EU than other BSEC countries. International tourism is an important component of the trade in services between the regions. Following the review of the factors of international tourism demand, a gravity model for tourism arrivals is presented. The model considers demand in the country of origin, international tourism capacities in destination countries and distance. The analysis helps to determine under-traded and competitive destinations in the BSEC countries for the EU travelers. Greece is the most efficient in attracting the EU tourists. Finally, country-specific differences in demand factors are considered.
Highlights
Bulgaria and Romania have a cross-membership in both organizations
Three countries have a cross-membership in both organizations (Greece, Bulgaria and Romania)
The EU exports mostly manufactured trade with the 12 BSEC countries is about 640 bil- goods, including machinery and transport equiplion dollars. It accounts for 6% of the total interna- ment, to the BSEC countries, and imports mostly
Summary
The following the EU and Russia, the EU’s role as a trade partner indicators of tourist demand are the most frequently for the BSEC countries increased. 2010, million euro) as an indicator of demand (source: Eurostat); Other factors include total population in the country of origin of tourists, promotional expenditure TA – international tourism (total number to improve a country’s image for tourists, time of arrivals to destination countries from all trends reflecting changes in tourists’ tastes, cli- over the world) as an indicator of tourism mate change, political instability, foreign direct sector capacities (source: World Bank World investment as a determinant of business tourism, Development Indicators); educational level of tourists, age of tourists, unemployment, income inequality
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