Abstract
Research background: The Caspian region with rich hydrocarbons and a favorable location has always been in the attention of researchers. Large oil reserves of the Caspian countries - Azerbaijan, Russia and Kazakhstan - have become an object of interest for world business. These countries have much in common: they were part of a Soviet Union for 70 years. However, during the period of market reforms, the Caspian countries turned out to be uncompetitive in both domestic and foreign commodity markets, the commodity structure of exports was significantly degraded, and its raw orientation increased. Purpose of the article: The main objective of the study is to reveal the problems of diversification of commodity exports of the Caspian countries, a comparative analysis of the structure of their commodity exports in the context of the development of the globalization of the world economy and the intensification of international competition. Methods: We used the methods of comparative analysis of the export structure of Azerbaijan, Kazakhstan and Russia by main product groups, by top-five goods. To determine the level of diversification and export concentration, the Herfindahl-Hirschman index and the export concentration index were used. Findings & Value added: The calculations of the Herfindahl-Hirschman index show a low level of export diversification in these countries, especially in Azerbaijan. The export concentration index showed that the top-five of exported goods are mainly natural raw materials. In the non-oil sector, in all three countries, unproductive and not-tradable sectors: construction, trade and transport prevail.
Highlights
Today, the Caspian region, due to its geo-economic advantages and geo-economic position, rich in energy resources, is a transport and communication corridor between Europe and Asia, turning into a region of transnational activity
The Caspian countries - especially Russia, Kazakhstan and Azerbaijan - are beginning to play a prominent role in the global economy
The aim of this study is to reveal the complex merchandise exports of the Caspian countries to diversify problems, determining the level of export diversification, the comparison of commodity structure of export of Azerbaijan, Kazakhstan and Russia in the context of globalization of the world economy
Summary
The Caspian region, due to its geo-economic advantages and geo-economic position, rich in energy resources, is a transport and communication corridor between Europe and Asia, turning into a region of transnational activity. In the context of globalization, the growth of the gross domestic product in these countries is accompanied by the strengthening of their integration into the world economy, into the system of international economic relations. If in the first years of independence they did not have competitive products and offered hydrocarbon resources on foreign markets, in subsequent years conditions appeared for the export of various goods. The diversification of exports carried out by the countries will increase export revenues and reduce the risks of dependence of the national economy on the export of one resource [1]. The more effective the processes of organizing foreign economic activity and using the export potential, the more successfully the national economies of the countries will develop [2]. The Caspian countries have all the conditions for export diversification
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