INDUSTRIAL DEVELOPMENT AND COMPARATIVE REVIEW OF BRICS SPECIALIZATIONS

Abstract

In modern conditions of global economic relations, BRICS is of strategic importance for the member countries of this association. The purpose of the article is to analyze the directions of industrial development of the BRICS and their impact on the foreign trade potential of the member countries of this association. The article highlights the basic stages of analyzing the impact of industrial specializations of countries on their foreign trade. On the basis of the selected stages a macroeconomic review and analysis of the industrial profiles of the BRICS member countries were carried out, in particular, information on basic specialization sectors was systematized, divided into primary, secondary and tertiary sectors of the economy, which occupy significant shares in the GDP structure of the bloc countries and determine the vector of foreign trade (export-import) activities of the countries. Based on the UNCTAD open data base, the authors investigated the radars of comparative advantages of the BRICS countries based on the application of the Balassa coefficient (coefficient of relative advantages), which allowed drawing conclusions about the advantages and export specializations of the BRICS member countries. Conclusions are drawn about the high potential of foreign trade cooperation between the BRICS member countries and more intensive build-up of foreign trade potential taking into account the upcoming expansion of the BRICS in 2024.