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Imperfections of global trade

Title: 


Imperfections of global trade


Authors: 


Virkovska, Anastasiya


Affiliation: 


West Ukrainian National University, Lvivska street, 11, Ternopil city, 46000, Ukraine


Bibliographic description (International):

 

Virkovska, A. (2022) Imperfections of global trade. Socio-Economic Problems and the State (electronic journal), Vol. 27, no. 2, pp. 107-114. URL: http://sepd.tntu.edu.ua/images/stories/pdf/2022/22vadiht.pdf


Issue: 


2(27)


Issue Date: 


Dec-2022


Submitted date: 


Oct-2022


Date of entry:

 

27-Dec-2022


Publisher: 


Ternopil Ivan Puluj National Technical University


Country (code):

 

UA


Place of the edition/event:

 

Ternopil


ORCID Id: 


https: //orcid.org/0000-0002-0723-5772


DOI:


UDC: 


https://doi.org/10.33108/sepd2022.nom2.107

 

339.56


JEL: 


F10


Keywords: 


globalization
imperfections of global trade
export
import
global market of goods and services
COVID-19 pandemic


Number of pages: 


8


Page range: 


107-114


Start page:

 

107


End page:

 

114


Abstract:

 

The article examines the imperfections and current trends in global trade, namely: the widening of the gap between developed and developing countries due to the new financial capabilities of countries that issue reserve currencies; certain changes in geopolitical rivalry and protectionism; the transformation of biotechnologies into the main driver of economic growth, processes of strengthening the liberalization of global trade, which is connected, on the one hand, with an increase in the number of WTO members, and on the other - with the expansion of regional integration associations, which strengthen their economic influence through the creation of free trade zones with individual countries and integration associations, which will also leave a certain mark on the development of global trade in the future. The article also examines the volume of export and import of goods and services, as well as its changes after the COVID-19 pandemic. Nowadays, global trade is developing under the influence of such factors as the scientific and technological revolution, the international division of labor, internationalization, the activities of transnational companies, etc. As a result of its development, such trends as: increasing the value and importance of information appeared. Also, under the influence of the 4.0 revolution, issues of the quality of goods and services become very relevant, because there is fierce competition between countries, industries and firms at the global level, which is caused by the main trends, namely: technology transfer, cooperation between countries, liberalization of cross-border movement, increased dynamism of global processes, strengthening the role of online trade. One of the factors of modern international economic relations is the integration between the economies of different countries, which in crisis situations leads to the strengthening of the consequences of trade. The modern trend of global trade is the existence of bilateral relations, that is, a large number of countries that export goods to any country can import goods from the same country. The sale of goods and services on the global market is actively influenced not only by economic and political factors, but also by unforeseen circumstances, such as the COVID-19 pandemic.


Sponsorship: 



The authors received no direct funding for this research.



URI: 


http://elartu.tntu.edu.ua/handle/lib/39632


ISSN: 


2223-3822


Copyright owner: 


Socio-Economic Problems and the State


URL for reference material: 


http://sepd.tntu.edu.ua/images/stories/pdf/2022/22vadiht.pdf
https://www.yourarticlelibrary.com/foreign-trade/5-major-current-trends-in-foreign-trade/5896
https://www.wto.org/english/res_e/statis_e/latest_trends_e.htm
https://www.dentons.com/en/insights/newsletters/2021/january/19/global-regulatory-trends-to-watch/dentons-pick-of-canadian-regulatory-trends-to-watch-in-2021/trade-trends-2021
https://www.trademap.org/Index.aspx
https://www.wto.org/english/res_e/statis_e/latest_trends_e.htm
https://unctad.org/news/international-trade-back-not-all
https://tyzhden.ua/Economics/254192


References (International): 


1. Five major current trends in foreign trade.URL: https://www.yourarticlelibrary.com/foreign-trade/5-major-current-trends-in-foreign-trade/5896
2. Trade in commercial services 2021. URL: https://www.wto.org/english/res_e/statis_e/latest_trends_e.htm
3. Trade trends to watch in 2021. URL: https://www.dentons.com/en/insights/newsletters/2021/january/19/global-regulatory-trends-to-watch/dentons-pick-of-canadian-regulatory-trends-to-watch-in-2021/trade-trends-2021
4. Trade map. URL: https://www.trademap.org/Index.aspx
5. Latest trade trends. URL: https://www.wto.org/english/res_e/statis_e/latest_trends_e.htm
6. International trade is back, but not for all. URL: https://unctad.org/news/international-trade-back-not-all
7. Yuldashev, R. Spodivaiuchys na vidnovlennia. Kudy priamuie hlobalna ekonomika [Hoping for recovery. Where is the global economy headed?] URL: https://tyzhden.ua/Economics/254192


Content type: 


Article


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Scientific Journal "Socio-Economic Problems and the State", Vol.27, No.2

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