Analysis of Serbian Production and Export of Medicinal and Aromatic Plants

The emphasis of the research in this chapter was put on the analysis of production and export/import of MAP (Medical and aromatic plants) from Serbia. After reading this chapter, readers will find out that the production of MAP in a long time period has been steady, although has been present fluctuations per years. They will know that indigenous and cultivated MAPs are equally present on the market, and will notice that they are equally present in export as well, i.e. that there is no such register. They will be familiar with the positive effects of planned production and the significance of scientific and technological achievements implementation. Readers will be able to recognize the dynamics of changes in export and import of MAP. They will find out which products are the most significant in export and import and will notice the connection between the export structure of MAP sector and earned value - foreign exchange inflow. They will be able to understand the character of exchange, value of export/import and the comparative advantage of export. Readers will be especially familiar with experiences and recommendations of other authors on the development of MAP sector and directives of authors for deepening the research within this chapter. They will know the connection between a low foreign exchange inflow and types of products in export and will understand the need for new organization models and education of manufacturers.

EXPORT FINANCE: A TOOL FOR PROMOTING EXPORT IN INDIA

Export Finance play a crucial role in growth and development of export sector in any economy, which face a tough competition from rest of world. It is an essential and prime element for successful operation of various internal and external activities to grow the export business sector. In view of many scholars and economists, export is considered as the engine of growth and development of any country. Presently, India’s total export is contributing approx. 2% in the world’s trade. In export trading the 6 Ps concepts of export marketing are depending on the availability of export finance assistance in terms of share, cost and period of time. This study attempts to analyze and review the impact of export finance used by various exporters on their export profitability, performance on varied interest rate, cost of finance and special schemes related to pre and post shipment stage in export trading. To analyze the role and importance of various financial institutions in providing the financial assistance to the exporters in India helps and supports to export sector to grow in the right direction and also to achieve the specific goals. This research paper provides meaningful information to policy maker who want to reform their export structure, promotion schemes and increase the nation’s competitiveness in present era. KEYWORDS: Export Finance, Financial Institutions, Export Credits, Export Insurance

The formation of economic and marketing prospects for the development of the market of information services

This paper investigates the current state and prospects of the development of the European IT services market. A detailed analysis of the economic indicators of the IT market in European countries has been conducted. Marketing characteristics of the external market of IT services were considered, in whose formation a leading role belongs to export deliveries. It has been determined that the capacity of the international segment of the IT services market in most European countries increases by an average of 20 % annually, and the share of IT technologies exports in the overall export structure exceeds 8 %. The forecast of changes in the internal market of IT technologies in the post-Soviet countries was analyzed. Based on the results, it was concluded that in the future the capacity of the domestic IT services market could increase and, in 2024, in particular in Ukraine, would exceed the volume of USD 2 billion. The results of studying the level of prices for IT services in the post-Soviet countries suggest that they mainly correspond to the prices for similar services in different groups of European countries (with different material capabilities). That means that for IT service consumers in countries with a low standard of living, price characteristics are not an obstacle to obtaining the highest quality services from domestic or foreign suppliers. The role and importance of personnel support of the information industry, which is key in the formation and development of the IT services market, have been determined. It has been proven that specialists who attained IT education mostly work according to the skills and competencies obtained, which distinguishes them favorably from specialists in other fields. Despite the tendencies of a certain outflow of specialists outside the countries with a low living level, the number of IT specialists is growing progressively in their economies. In many ways, these trends are facilitated by an increase in the number of graduates from specialized educational institutions.

STRUCTURAL TRANSFORMATION OF UKRAINE’S EXPORTS IN THE PANDEMIC PERIOD

Background. The erasing of the pandemic and its rapid spread all over the world has become a great challenge both for the global economics and for individual national economies. Analysis of recent research and publications. International organizations, including the WTO, IMF, FAO, are engaged in the actualization of the problem of levelingthe impact of the pandemic on the issue of debt, financial, food security. Scientists and practitioners are concerned about the consequences of the spread of COVID-19 for doing business and the ability to freely supply goods to foreign markets. However, the problem of transforming the structure of exports in the context of a pandemic remains poorly studied, controversial, and requires detailed consideration. The aim of the article is to study the transformation of the export structure, taking into account the geographic diversification of the supply of domestic goods and the adjustment of the commodity saturation of the country's export basket in the pre-pandemic and pandemic periods. Materials and methods. The study is based on the works of foreign and domestic scientists, materials of international and domestic organizations, enterprises data. In the process of preparing the article, the following methods were used: system-structural; statistical and graphic; abstract-logical. Results. The article contains investigation of the concept of transformationas an economic phenomenon, structural transformation of exports is considered as evolutionary and/or revolutionary change in the geographical vector of export development and/or optimization of the disproportion of the export basket under the influence of endogenous and exogenous determinants. The authors carried out the assessment of the structural transformationofthe economy according to the foreign economic approach, the transfor­mation of the geographical and commodity structure of exports; investigated the dynamics of the currency structure of receipts for goods; defined the determinants of changes in the pre-pandemic and pandemic periods; made proposals for the further development of the structure of the domestic export basket; substantiated the need for anti-crisis post-pandemic development of exports. Conclusion. The pandemic became a catalyst for the problems of exporters, made them think about options for solving them through the formation of an anti-crisis policy and an immediate search for ways of anti-crisis post-pandemic development.

The Impact of Terms of Trade on the Export Structure of Manufactured Products in Different Economic Developing Status

The Prebisch-Singer Hypothesis states that in structural time series analysis, the terms of trade between primary products and manufacturers have a negative deterministic trend. Many researchers argued that the deterioration in trade is the type of country in which the products are exported, regardless of whether the types of products exported by such countries are primary or manufactured products. This paper employs a development-differentiated model to analyze the correlation between various terms of trade and the export proportion of manufactured products on different economies of development status. In the long run, stable co-integration relations exist between terms of trade and the export proportion of manufactured products for development status. Furthermore, the increased proportion of manufactured products exports is the Granger casualty for the worse terms of trade for several economies of development status. The results demonstrated that changing the terms of trade is significantly influenced by structured changes in the export proportion of manufactured products for the development status of economies.

Analysis on International Competitiveness of Service Trade in the Guangdong–Hong Kong–Macao Greater Bay Area Based on Using the Entropy and Gray Correlation Methods

Based on the analysis and measurement of the overall situation, import and export structure and international competitiveness of the various sectors of service trade in the Guangdong–Hong Kong–Macao Greater Bay Area, with the help of MATLAB and Gray System Modeling software, the synergy degree model was established to quantitatively analyze the synergy level of service trade in the Greater Bay Area with the help of grey correlation analysis method and entropy weight method. The results show that the overall development trend of service trade in the Guangdong–Hong Kong–Macao Greater Bay Area is good. The service trade industries in different regions are highly complementary and have a high degree of correlation. The potential for the coordinated development of internal service trade is excellent, and the overall situation of service trade in the Greater Bay Area is in a stage of transition from a moderate level of synergy to a high level of synergy. The Greater Bay Area can achieve industrial synergy by accelerating industrial integration and green transformation, establishing a coordinated development mechanism, sharing market platform, strengthening personnel security, and further enhancing the international competitiveness of service trade. The established model better reflects the current coordination of service trade in the Guangdong–Hong Kong–Macao Greater Bay Area and has good applicability. In the future, more economic, technological, geographic, and policy data and information can be comprehensively used to study the spatial pattern, evolution rules, and mechanisms of coordinated development in the broader area.

The new evidence of China’s economic downturn: From structural bonus to structural imbalance

The slowdown of China’s economic growth in the middle-income stage has caused widespread concerns. Based on the analysis of economic structures to explain the downward trend of economic growth, this study expanded the Solow-Swan model to investigate the structural imbalances and evaluated their impacts during the structural transformation in different stages and regions on the economic downturn. Considering the processes of production, distribution, and consumption, six structures were chosen for national and prefecture-levels in China from 1997 to 2017, including sectoral structure, population structure, investment and consumption structure, import-export structure, urban-rural income structure, and financial structure. The study found that China’s comprehensive economic structure was significantly different before and after the middle-income stage, and structural bonus tended to decline. Structural imbalance presented a U-shaped pattern of decreasing first and then increasing, and the impact on economic growth underwent stages of suppression-promotion-suppression. There was a significant difference in the imbalance of six sub-structures and their impacts; furthermore, in the four regions of east, center, west, and northeast the observations were very different. Taken together, the imbalance of economic structure and economic transformation coexisted, and the economic growth slowed down. Based on the experiences from China, this paper provided some evidence for promoting structural optimization and transformation.

Strengthening Lithuanian - Latvian Cross - Border Cooperation in the Context of International Trade

The article analyses the strengthening of the competitiveness of countries based on crossborder cooperation through the prism of international trade indicators. Due to the increase in international competition, countries, especially small economies, are finding it increasingly difficult to maintain their position in the global market and remain competitive if this position is pursued individually. It is therefore necessary to review competition strategies and reassess opportunities and competitive advantages, as well as to promote coopetition between border region companies at institutional level. The article presents a new approach to regional competitiveness, which is achieved not through the development of the competitive advantages of the regions of individual countries, but through their cooperation and thus achieving common benefits. This is particularly relevant for border regions, as their uniqueness allows them to exploit cross-border region cooperation, which can generate added value by utilising the potential of cooperating regions to complement each other and become a competitive hub for economic growth. Only a strategic partnership based on regional cooperation will promote cooperation between manufacturers in different regions and ensure the achievement of co-creation and international development goals. The article analyses the case of Lithuania and Latvia as an example of cross-border cooperation, as internationally these countries are often matched and treated as one region, but in fact they compete fiercely with each other for better positions in foreign markets. This also shows that Lithuania’s and Latvia’s foreign trade with the European Union (hereinafter - the EU) accounted for the largest share of their foreign trade. Secondary statistical data of the EU-28 Eurostat of 2010 - 2019 and Finger Kreinin, RCA, and Lafay indices were used for the study. After assessing the convergence of the Lithuanian and Latvian export structure according to the FKI index during the study and finding that the export structure of these countries is very similar, the relative comparative advantage of exports by individual product sectors was assessed on the basis of the RCA index and the comparative advantage on the basis of the LAFAY index. The study showed that both countries had comparative advantages in the same product groups. The identification of common points of contact has highlighted economic activities, the development of which could be given more attention through the cooperation between the countries, and which would ensure overall economic benefits. The article concludes with strategic recommendations and measures to promote cross-border cooperation and increase the region’s competitiveness. The article contributes to the regional economic subject literature, as the concept of cross-border region competitiveness is developed by promoting not the competition of individual regions, but their cooperation by discovering common similarities in economic development. The article presents methodological logic and empirical calculations that would allow policy makers to develop cooperation strategies with those border regions with which it is expedient to cooperate for greater economic benefits. Promoting regional development and reducing regional disparities not only between regions within the same country but also between different countries requires the patient and consistent work of governments, businesses and academia, as well as individual communities, to develop measures and initiatives to promote cross-border cooperation.

Does Foreign Direct Investment More Important Than Domestic Direct Investment for Export Structure? Evidence from Indonesia

Scholars have long studied the spillover of FDI on trade. However, there has been limited study which spesifically investigate the impact of FDI on the export structure in a developing country. Does FDI more important than domestic investment for export structure? To examine the question, we test the impact of FDI and DDI on the export structure in time series framework, utilizing data on FDI inflows to Indonesia and export data based on product stage over 1992–2017. The export structure is analyzed based on three categories, namely primary product, intermediate product, and final product. Our results show that domestic investment has a negative impact on the primary export product, while foreign investment has a positive impact on the final export product. The result highlights the importance of domestic and foreign investment in export upgrading.