Abstract

The overview of the country’s trade with all the continents during the period of 2000-2019 is given. The description of the commodity structure of exports/imports of goods, with particular attention to the industrial products, is followed by the detailed analysis of Ukraine’s foreign trade in 2020. The decrease in Ukraine’s foreign trade in 2020 by 6.4% is fully consistent with the projected WTO reduction of world trade in 2020 by 9.2%. Although COVID-19 had negative impact on Ukraine’s trade with the EU and the EAEU, it contributed to closer trade ties with Asia, improving Ukraine’s trade balance. The government and the national business elite should aim at solving the problems of increasing the volume and improving the commodity structure of Ukraine’s foreign trade with emphasis on the development of transport system for exporting agricultural and food products to the developed countries of the West and to the prospective economies of the East and the South. It is essential, on the one hand, to focus on the inflows of FDI and their appropriate use, and, on the other hand, on Ukraine’s participation in the formation of GVCs, global production networks. In the conditions of the Fourth industrial revolution, the economy finds itself transformed due to the fundamental changes. The optimization of foreign trade relations of Ukraine will not only improve the economy, but also enable the country to become a better functioning element of the global economic system.

Highlights

  • The globalization of the world economy intensifies the processes of international division of labor, causing transformations in the directions and intensity of trade flows between countries

  • Understanding of the new requirements and making appropriate decisions are the imperatives for any country to survive and function in the global economic system

  • In our opinion, the optimization of foreign trade relations of Ukraine is of vital importance since it will improve the country’s economy, and

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Summary

Introduction

The globalization of the world economy intensifies the processes of international division of labor, causing transformations in the directions and intensity of trade flows between countries. In 2019 the share of Ukraine’s exports of goods to the Asian countries reached 33.37% of all the Ukrainian merchandise exports. The analysis of Ukraine’s imports of products from Europe indicates that the country’s imports from the European states in 2005 increased 2.94 times compared to 2000, in 2010 – 4.64 times, in 2015 – 3.87 times, in 2019 – 8.81 times. The share of imports of goods from the Asian countries to Ukraine in 2000 was 14.21%, and in 2019 reached 28.64% of total imports of products. The analysis of trade relations of Ukraine with the Asian countries suggests that their role as suppliers of goods for Ukraine is becoming more important. The European countries remain the main suppliers of goods for Ukraine; the Asian ones steadily improve their positions

Ukraine’s trade specialization and its deindustrialization
World trade in 2020
Foreign trade in goods of Ukraine in 2020
Findings
Conclusions
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