• Abstract

    Since the early 1990s, trade relations and the international exchange of goods and services between countries have accelerated significantly due to several factors. As a result, world trade has acquired new characteristics and features, highlighting the importance of studying the impact of integration on the state of world sales of goods and services. The main focus is on the analysis of international trade indicators in order to identify the main trends and characteristics of global trade relations. The authors also examine in detail the manifestations of asymmetry in foreign trade relations and flows and characterise the features of trade regionalisation. Research methodology. The study evaluates trade globalisation in two directions: quantitative and qualitative, including the following components: 1) dynamics of trade, exports and imports of goods and services; assessment of asymmetry in world trade in exports, imports of goods and services in the years 2000-2022; 2) regional, sectoral and geographical structure of foreign trade in goods and services. In the global economic system, there is a tendency towards asymmetry in international economic relations, particularly in trade between different regions of the world and global players, due to different competitive advantages (export and import structure of goods, services, overall economic structure) and levels of economic development.

  • References

    1. Alekseieva, K., Maletych, M., Ptashchenko, O., Baranova, O., & Buryk, Z. (2023). State business support programs in wartime conditions. Economic Affairs (New Delhi), 68(1), 231-242. https://doi.org/10.46852/0424-2513.1s2023.26
    2. Anderson, J. E., Larch, M., & Yotov, Y. V. (2017). Trade and investment in the global economy. Working Paper 23757. National Bureau of Economic Research.
    3. Bernhofen, D. M., El-Sahli, Z., & Kneller, R. (2016). Estimating the effects of the container revolution on world trade. Journal of International Economics, 98, 36-50.
    4. Byrkovych, T., Denysiuk, Z., Gaievska, L., Akimova, L., Prokopenko, L., & Akimov, O. (2023). State policy of cultural and art projects funding as a factor in the stability of state development in the conditions of globalization. Economic Affairs (New Delhi), 68(1), 199-211. https://doi.org/10.46852/0424-2513.1s2023.23
    5. Carataș, M. A., & Spătariu, E. C. (2019). Global Economy Under Trade War. Ovidius University Annals: Economic Sciences Series, XIX(1), 63-66.
    6. Davis, C. L., Fuchs, A., & Johnson, K. (2019). State control and the effects of foreign relations on bilateral trade. Journal of Conflict Resolution, 63(2), 405-438.
    7. Farrell, H., & Newman, A. L. (2020). Chained to globalisation. Foreign Affairs, 99(1), 70-80.
    8. Flynn, D. O., & Giráldez, A. (2022). Born with a ‘silver spoon’: The origin of world trade in 1571. Metals and Monies in an Emerging Global Economy (pp. 259-279). Routledge.
    9. Gavkalova, N., Akimova, L., Zilinska, A., Avedyan, L., & Akimov, O. (2022). Functioning of united territorial communities and identification of main problems of organizational support of local budget management. Financial and Credit Activity: Problems of Theory and Practice, 2(43), 107-117.
    10. Ianchovichina, E., & Martin, W. (2016). Trade impacts of China's world trade organisation accession. Asian Economic Policy Review, 1(1), 45-65.
    11. Kotenko, S., Nitsenko, V., Hanzhurenko, I., & Havrysh, V. (2020). The mathematical modeling stages of combining the carriage of goods for indefinite, fuzzy and stochastic parameters. International Journal of Integrated Engineering, 12(7), 173-180. https://doi.org/10.30880/ijie.2020.12.07.019
    12. Kovárník, J., & Hamplová, E. (2020). Globalisation and Foreign Trade: Selected Topics in Central European Countries. In SHS Web of Conferences (Vol. 74, p. 06014). EDP Sciences.
    13. MacDonald, G. K., Brauman, K. A., Sun, S., Carlson, K. M., Cassidy, E. S., Gerber, J. S., & West, P. C. (2015). Rethinking agricultural trade relationships in an era of globalisation. BioScience, 65(3), 275-289.
    14. Novak, A., Pravdyvets, O., Chornyi, O., Sumbaieva, L., Akimova, L., & Akimov, O. (2022). Financial and economic security in the field of financial markets at the stage of european integration. International Journal of Professional Business Review, 7(5). https://doi.org/10.26668/businessreview/2022.v7i5.e835
    15. Ortiz-Ospina, E., Beltekian, D., & Roser, M. (2018). Trade and globalisation. Our World in Data. https://ourworldindata.org/trade-and-globalization?utm_content=buffer501bb&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer. Accessed on January 11, 2024.
    16. Rahman, M., Chowdhury, S., Zayed, N. M., Imran, M. A., Hanzhurenko, I., & Nitsenko, V. (2022). Does globalization trigger an ecological footprint? A time series analysis of bangladesh. Rocznik Ochrona Srodowiska, 24, 141-162. https://doi.org/10.54740/ros.2022.011
    17. Shevchenko, I., Lysak, O., Zalievska-Shyshak, A., Mazur, I., Korotun, M., & Nestor, V. (2023). Digital economy in a global context: world experience. International Journal of Professional Business Review, 8(4). https://doi.org/10.26668/businessreview/2023.v8i4.1551
    18. Stiglitz, J. E. (2017). The overselling of globalisation. Business Economics, 52, 129-137.
    19. Surugiu, M. R., & Surugiu, C. (2015). International trade, globalisation and economic interdependence between European countries: Implications for businesses and marketing framework. Procedia Economics and Finance, 32, 131-138.
    20. World Bank (2024a). Trade (% of GDP). World Bank national accounts data, and OECD National Accounts. https://data.worldbank.org/indicator/NE.TRD.GNFS.ZS?view=chart. Accessed on January 09, 2024.
    21. World Bank (2024b). Exports of goods and services (% of GDP). World Bank national accounts data, and OECD National Accounts. https://data.worldbank.org/indicator/NE.EXP.GNFS.ZS?view=chart. Accessed on January 11, 2024.
    22. World Bank (2024c). Imports of goods and services (% of GDP). World Bank national accounts data, and OECD National Accounts. https://data.worldbank.org/indicator/NE.IMP.GNFS.ZS?view=chart. Accessed on January 11, 2024.
    23. World Integrated Trade Solution (2024a). China Trade. Latest trade data available from various sources. https://wits.worldbank.org/countrysnapshot/en/CHN. Accessed on January 11, 2024.
    24. World Integrated Trade Solution (2024b). Germany Trade. Latest trade data available from various sources. https://wits.worldbank.org/countrysnapshot/en/DEU. Accessed on January 11, 2024.
    25. World Integrated Trade Solution (2024c). United States Trade. Latest trade data available from various sources. https://wits.worldbank.org/countrysnapshot/en/USA. Accessed on January 11, 2024.
    26. World Trade Organization (2024). Regional Trade Agreements. https://rtais.wto.org/UI/charts.aspx#. Accessed on January 11, 2024.
    27. WTO Stats (2024a). Merchandise exports by product group – annual (Million US dollar). https://stats.wto.org/. Accessed on January 11, 2024.
    28. WTO Stats (2024b). Merchandise imports by product group – annual (Million US dollar). https://stats.wto.org/. Accessed on January 11, 2024.
    29. WTO Stats Dashboard (2024). Total merchandise, Exports, 2022. https://stats.wto.org/dashboard/merchandise_en.html. Accessed on January 11, 2024.
    30. Xu, Z., Li, Y., Chau, S. N., Dietz, T., Li, C., Wan, L., ... & Liu, J. (2020). Impacts of international trade on global sustainable development. Nature Sustainability, 3(11), 964-971.
    31. Yildirim, A. B., Poletti, A., Chatagnier, J. T., & De Bièvre, D. (2018). The globalisation of production and the politics of dispute initiation at the World Trade Organization. Global Policy, 9, 38-48.

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Copyright (c) 2024 The Authors

How to cite

Bezrukova, N., Volochai, M., Hyrych, S., Ternova, A., & Vasylyshyna, O. (2024). The impact of globalisation on international trade: Dynamics of global trade relations and exchange of goods and services. Multidisciplinary Reviews, 7, 2024spe042. https://doi.org/10.31893/multirev.2024spe042
  • Article viewed - 64
  • PDF downloaded - 38