Post-crisis India’s Merchandise Export Growth: What Has Changed?

2018 ◽  
Vol 66 (3-4) ◽  
pp. 270-293
Author(s):  
Anirudha Barik
Keyword(s):  
Foreign Trade ◽  
Manufacturing Sector ◽  
Value Added ◽  
Developed Countries ◽  
Product Diversification ◽  
Factor Endowments ◽  
Brics Countries ◽  
Directorate General ◽  
Jel Code ◽  
The Developed Countries

This article comprehensively examines the growth and pattern of India’s merchandise exports during and following the financial crisis period (2007–08 to 2016–17) using Directorate General of Commercial Intelligence and Statistics and United Nations Commodity Trade/World Integrated Trade Solution trade data. The entire analysis is based on leading trade indices and indicators and the results confirm that significant change in India’s trading structure is associated with the fast growth of foreign trade. The composition of exports has undergone changes overtime, bearing a strong influence of factor endowments and technology in favour of both human capital intensive and technology intensive sectors. The magnitude of product diversification shows that India’s export basket is poorly diversified but more diversified than BRICS countries except China. India’s export destinations showed a major shift from the developed countries market to the emerging markets in Asia and Africa. However, India holds more increased trade intensity with USA and Hong Kong. Dynamism in labour-intensive manufacturing sector is vital to promote India’s exports of agricultural value-added products and enable more competitive at the world. Also, the development of new markets should be viewed as part of a wider effort to enlarge the India’s foreign trade. JEL Code: F10, F14, F19

Foreign Trade of Russia: Barometer Foretells Storm

2016 ◽  
Vol 60 (2) ◽  
pp. 15-25
Author(s):  
V. Obolenskiy
Keyword(s):  
Foreign Trade ◽  
Large Scale ◽  
Manufacturing Industry ◽  
Import Substitution ◽  
Developed Countries ◽  
Scale Production ◽  
Goods And Services ◽  
Effective System ◽  
The Government ◽  
The Developed Countries

The development of Russian foreign trade during the previous five years is analyzed. It is stated that, in terms of value, exports of services and imports of goods and services steadily grew during the first four years of the period under review. Exports of goods also rose during three years, but in 2014 both exports and imports again fell in comparison with the previous year as was the case five years ago. The composition of the Russian exports and imports of goods did not change radically during the previous years. The main items of export are, as always, mineral products, metals and fertilizers. Import is prevailed by foodstuffs, chemicals and heavy engineering equipment. The current situation is featured by the reduction of world oil prices, slump of the domestic economy and war of sanctions with the Western countries. All this substantially impairs the conditions of Russia’s foreign trade activities and inhibits its development in the upcoming years. In the author’s view, the implementation of measures worked out by the government – correction of tariff liabilities before the WTO, redirecting of trade streams from the European to the Asian markets, import substitution and export support – will unlikely improve the situation. Revision of the liabilities before the WTO in the conditions of the decrease of the internal demand and serious devaluation of Ruble is considered as inappropriate and counterproductive. “Asiatic turn” is only capable to compensate to a certain respect the loss of supplies of some food products from Europe, but cannot fully offset the loss of potentialities of the acquisition of modern technologies and equipment from the developed countries. It is doubtful that it will be possible to dramatically cut the import dependence. It is necessary to replace many kinds of foreign goods, but it is impossible to implement a frontal substitution of import in all directions. Excessive stress on the import substitution might lead to the emergence of shortages and poorer availability of some goods at the internal market and, at the worst, to self-isolation and economic autarky. The attempts to build up an effective system of export support might be successful only in the conditions of the establishment of the large-scale production of goods and services which would be comparable with the foreign analogues in respect to the criteria of price and quality. Taking this into consideration the technological renovation of production processes, first of all in the manufacturing industry, and on this basis rising up of the competitiveness of plants and factories are the most important prerequisites for encouraging export activities and formation of the new export specialization of the country.

scholarly journals FOREIGN TRADE RELATIONS OF UKRAINE AND CHINA: CHALLENGES FOR THE NATIONAL ECONOMIC INTERESTS

2021 ◽  
Author(s):  
Yevhen Ivanov ◽  
Keyword(s):  
Foreign Trade ◽  
Consumer Goods ◽  
Bilateral Trade ◽  
Value Added ◽  
Developed Countries ◽  
Raw Material ◽  
Successful Implementation ◽  
Electrical Machinery ◽  
Association Agreement ◽  
The Eu

The article looks into key challenges for Ukrainian economy caused by foreign trade intensification with China in 2020 when Ukraine’s exports to PRC increased by 98 per cent. The dynamics and main structural shifts in the UA-CN trade are analyzed. The structure of bilateral trade flows between the parties by degree of processing and value added is explored. It is revealed that Ukraine’s exports to China consists predominantly from raw materials and products of primary processing: mineral products (iron ore), cereals (maize), sunflower oil and its residues, ferrous metals, etc. The imports from China to Ukraine consists mainly from electrical machinery, mechanical appliances, articles of apparel, chemical products, iron and steel, etc. Comparative analysis of the commodity structure of Ukraine’s exports to PRC and to the EU is conducted. The analysis shows that, despite dominance of traditional and low value added goods in Ukrainian overall exports, the share of sophisticated manufactured goods in exports to the EU is much larger than in exports to China. It is substantiated that trade with China largely determines the raw material orientation of Ukraine's international specialization, while exports to developed countries are characterized by a relatively higher share of intermediate and consumer goods. To increase the efficiency of Ukraine’s foreign trade, it is considered that the best option is to focus on reducing dependence on imports from China by developing domestic production of appropriate consumer goods and increasing export flows to developed countries. The expediency of Ukraine's refusal to participate in the New Silk Road project is argued in favor of using the benefits of nearshoring strategy, which opens the opportunity to replace Chinese consumer goods in the EU market with Ukrainian ones under the EU-UA association agreement. The article briefly surveys some cases of successful implementation of this strategy by Ukrainian business, in particular the launch of exports of household appliances (electro-thermic coffee and tea makers, electric razors, washing machines, electric heaters) to the EU.

scholarly journals Service sector (services) key features of Russia and Azerbaijan

2019 ◽  
Vol 27 (1) ◽  
pp. 18-34
Author(s):  
Mikhail E. Savlov
Keyword(s):  
Service Sector ◽  
Value Added ◽  
Developed Countries ◽  
Structural Features ◽  
Heterogeneous Structure ◽  
General Description ◽  
Material Production ◽  
Brics Countries ◽  
Macroeconomic Indicators ◽  
Per Capita

The presented article gives a general description of the sphere of non-material production of Russia and Azerbaijan, which is based on the key macroeconomic indicators. The internal heterogeneous structure of the sector is also illustrated, structural features of the service sector and its individual segments in both countries are revealed. The objectivity and adequacy of the sphere characteristics of non-material production of Russia and Azerbaijan is based on intercountry comparisons. Macroeconomic indicators of main developed countries (the USA, Japan, Germany, France, the United Kingdom), the BRICS countries and the former Soviet republics serve as a background for the illustration of the service sectors of Russia and Azerbaijan. It is too early to refer Russia and Azerbaijan to post-industrial countries, even considering only one economic parameter - the structure of the economy. Considering the gross value added (GVA) of the service sector per capita in current prices and the GVA of the service sector per capita in constant 2010 prices, Russia and Azerbaijan lag behind the leading economies of the world, some BRICS countries and even some former republics of USSR. In this regard, the study of the sphere of intangible production is not so popular in Russia and Azerbaijan, as the economic background for the actualization of these studies has not been yet created.

Intellectual Property Rights on Traditional Knowledge and their Significance in Sustainable Societal Development

2017 ◽  
pp. 157-185
Author(s):  
P. Pushpangadan ◽  
T. P. Ijinu
Keyword(s):  
Industrial Revolution ◽  
Life Support ◽  
Value Added ◽  
Primary Source ◽  
Developed Countries ◽  
Raw Material ◽  
Benefit Sharing ◽  
Access And Benefit Sharing ◽  
Special Value ◽  
The Developed Countries

Rich biodiversity and equally rich cultural heritages are the two invaluable assets of most of the Third World Counties (TWC). Biogenetic resources are the primary source of valuable genes, chemicals, drugs, pharmaceuticals, natural dyes, gums, resins, enzymes or proteins of great health, nutritional and economic importance. Biodiversity regulates and maintains overall health of the life support systems on earth and is the source from which human race derives food, fodder, fuel, fibre, shelter, medicine and raw material for meeting his other multifarious needs and industrial goods required for the ever changing and ever increasing needs and aspirations. TWC members are still at the receiving end as far as the development of special value added products and herbal technologies are concerned. The developed countries, on the other hand, are emerging as super powers with their biotechnological strength. IPRs emerged strongly during the industrial revolution and it has been an important driving force behind rapid industrial growth and prosperity of the Western countries during the last 3 centuries. Nowadays Access and Benefit Sharing issues have become a central theme for subsequent detailed discussions and decision making under CBD, TRIPS and the WIPO. It is therefore increasingly urgent for the CBD to make ABS work as was intended. The entry into force of the Nagoya Protocol represents a step in this direction. In India, we can be proud of having the distinction of the first country in experimenting a benefit-sharing model that implemented in Letter and Spirit Article 8(j) of CBD.

scholarly journals The Role of Logistics Services in Development of Foreign Trade in Central Asia

2014 ◽  
Author(s):  
Nazım Çatalbaş
Keyword(s):  
Foreign Trade ◽  
Central Asia ◽  
Developed Countries ◽  
Transportation Costs ◽  
Transport Infrastructure ◽  
Asian Countries ◽  
Transport Costs ◽  
Trade Theory ◽  
Logistics Services ◽  
The Developed Countries

The crucial technical changes in the transport has significantly contributed to the globalization of production and trade. But, in the pure foreign trade theory, transport costs have been ignored, transportation costs are assumed to be zero. With the new approaches, the importance of logistics services in foreign trade has been understood. According to Porter's model, the logistics services are among the main activities and it determines the cost advantage. This study focuses on relationships between logistics services and foreign trade in the Central Asia. Central Asian countries’ data were compared with the other countries. Central Asia does not have a direct connection to any sea. Due to lack of territorial access to the sea and therefore remoteness and isolation from world markets causing high transit and transportation costs. While logistics performances are low in the landlocked developing countries, it is high in the developed countries. The low logistics performance increases the costs of foreign trade and cause waste of time in region. For reducing logistics costs in Central Asia, it should be renewed transport infrastructure, constructed alternative networks, harmonised customs and transit regimes in Asian countries and realized other arrangements facilitating the trade. These arrangements for cooperation among countries in the region as well as regional organizations are also required.

scholarly journals THE RESEARCH ON INTERFACE BETWEEN LITHUANIAN DIRECT INVESTMENT ABROAD AND FOREIGN TRADE FLOWS

2016 ◽  
Vol 14 (1) ◽  
pp. 136-151
Author(s):  
Anžela KOZLOVA ◽  
Algita MIEČINSKIENĖ
Keyword(s):  
Foreign Trade ◽  
Direct Investment ◽  
Developed Countries ◽  
Trade Flows ◽  
General Development ◽  
Causality Test ◽  
Import And Export ◽  
The Developed Countries ◽  
The Impact ◽  
Research Analysis

The scientific research results related to foreign trade and direct investment abroad (DIA) are discussed in the article. The relation of the direct investment abroad and foreign trade is still under the discussion as there is no clear answer whether foreign trade is supplemented or replaced by the direct investment abroad. Since 1997 the flows of the direct investment abroad increased greately in Lithuania. Consequently, it is important to define the link between the DIA and foreign trade considering each country separately. Direct investment abroad and trade links in Lithuania in 1997–2014 are analyzed in the article. The research analysis involves Lithuanian direct investments in the developed countries except some countries, such as Belorus, Russia and Ukraine. It is defined that there is a positive bilateral link between Lithuanian direct investment abroad and foreign trade. It is also observed the impact of general development of Lithuanian direct investment abroad (considering certain countries) on the countries economy itself – imports can exceed exports. Engle-Granger causality test is applied in the research paper for the purpose of defining the impact of the DIA on the import and export range.

scholarly journals Protectionism and free trade correlation at the turn of the centuries

2018 ◽  
Keyword(s):  
Foreign Trade ◽  
Free Trade ◽  
Manufacturing Sector ◽  
Developed Countries ◽  
Industrial Sector ◽  
State Regulation ◽  
Point Of View ◽  
Theory And Practice ◽  
Stage Of Development ◽  
Consensus Pattern

The article studies the theory and practice of using the most important categories of state regulation of foreign trade – protectionism and free trade. That rational regulation in foreign trade policy can lead to the development of nation economies. The study considers historical aspects of the relevance of protectionism and free trade for different countries and their correlation under the influence of technological progress; underlines the urgency of the protectionism at the present stage of development of the world economy. Such a topicality of protectionism is caused by new phenomena in geopolitics and geo-economics that occurred at the turn of the century. The authors agree with the point of view that has been voiced in the past (by Friedrich Liszt), that free trade is an effective policy for developed countries. For those who do not have a highly developed industrial sector, elements of protectionism to protect the domestic economy remain extremely relevant. The policy that is imposed on the underdeveloped countries by the "Washington Consensus" pattern condemns the latter to a permanent lag. The ideas of protectionism remain topical for post-Soviet countries, where deindustrialization occurred during the quarter of a century, the share of the manufacturing sector in the structure of the national economy dropped sharply, and economic growth rates fell.

scholarly journals Globalization and Income Inequality: Comparative Analysis of the European Countries

2021 ◽  
Vol 92 ◽  
pp. 08003
Author(s):  
Irina Atanasova ◽  
Tsvetomir Tsvetkov
Keyword(s):  
Comparative Analysis ◽  
Income Inequality ◽  
Value Added ◽  
Developed Countries ◽  
European Countries ◽  
Political Systems ◽  
Problematic Issue ◽  
The Developed Countries ◽  
The Impact ◽  
The Eu

Research background: The globalization of the European countries within the EU and the Eurozone is primarily economic and is expressed by the free trade and the movement of capital and labour, which determines the incomes and the GDP. Globalization and its impact on inequality is becoming an essential and problematic issue, especially in the context of on-going economic integration processes between the countries in Europe, which seek to converge their economic, social and political systems in the Euro area. The process of inequality has become even more relevant in the context of globalization. Purpose of the article: The paper aims to examine the impact of globalization on the inequality in the developed and the emerging economies in Europe. Methods: On the basis of an econometric assessment, a comparative analysis of the effect of globalization on the inequality in the developed European countries and the emerging countries is carried out. Findings & Value added: The paper analyses the essential aspects and the effects of the income inequality dynamics, both horizontally and vertically. It also addresses the question of whether the effect of globalization on the economic growth and the inequality is the same for the developing and the developed countries, respectively. Based on the research, seven important conclusions are reached.

scholarly journals Ukraine’s foreign trade: responses to global challenges

2021 ◽  
Vol 107 ◽  
pp. 04001
Author(s):  
Svitlana Radzivivska ◽  
Ivan Us
Keyword(s):  
Foreign Trade ◽  
Industrial Revolution ◽  
Negative Impact ◽  
Developed Countries ◽  
Production Networks ◽  
Global Production Networks ◽  
Trade Relations ◽  
Business Elite ◽  
The Government ◽  
The Developed Countries

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.

The Drivers for Investment Activity of Business: Does the Theory Explain the Russian Practice?

2019 ◽  
Vol 8 (4) ◽  
pp. 26-32 ◽  
Author(s):  
Н. Львова ◽  
N. L'vova ◽  
Н. Семенович ◽  
N. Semenovich
Keyword(s):  
Developed Countries ◽  
Industry Structure ◽  
Domestic Investment ◽  
Investment Activity ◽  
Investment Financing ◽  
Brics Countries ◽  
Theoretical Perspectives ◽  
Fixed Assets ◽  
Domestic Practice ◽  
The Developed Countries

The article is devoted to the problem of shortage of investments in fixed assets of Russian enterprises (non-financial companies). Theoretical perspectives on the importance and determinants of investment activity of business are opposed to domestic practice. Thus, the provisions of the main investment theories are systematized, the norms of savings and savings in Russia are analyzed in comparison with the developed countries and other BRICS countries; the profile of domestic investment business (industry structure of investments in fixed capital, dynamics of investments by types of economic activity, depreciation and renewal of fixed assets) is considered; the factors hindering the implementation of investments identified by surveys of entrepreneurs are interpreted. The study showed that the causes of the protracted investment crisis in Russia correlate with the provisions of all the basic theories, but to reveal them more accurately allows post-Keynesian one with its emphasis on the phenomenon of uncertainty and the problem of investment financing.

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