Foreign Trade in the View of Competitiveness in the EU

Vajda, Andrea and Magda, Róbert (2020) Foreign Trade in the View of Competitiveness in the EU. POLGÁRI SZEMLE: GAZDASÁGI ÉS TÁRSADALMI FOLYÓIRAT, 16 (4-6). pp. 149-158. ISSN 1786-6553

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Abstract

Competitiveness is examined at national, regional and corporate levels. The primary aim of the study is to present and analyse the competitiveness of the EU Member States and to evaluate trends. Two statistical indicators are worth considering: the commodity terms of trade (C), also known as the net barter terms of trade (N), and the income terms of trade index (I), which expresses the correlation between changes in prices and quantities. The economic structure allows the surplus in the balance of trade with most countries, and also requires improvement in the exchange rate. The indicator seeks primarily to capture the knowledge capital present in the country, which may facilitated by the structure and characteristics of trade. The export surplus to GDP is extremely high for Ireland, Switzerland and the Netherlands. The United Kingdom, France and Romania recognised negative trade balances. Nominal trading values continued to rise in 2018 as a result of volume and price changes. Global commodity exports increased by 10 per cent, driven mainly by the 20 per cent rise in oil prices. Growth in exports and GDP need rapid development in innovation. Export grows significantly faster in Euro Area Member States then in other EU Member States.

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