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Destabilization factors of Ukrainian foreign trade in metallurgical products

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Category: Economy

Last Updated on Friday, 06 November 2015 23:12

Published on Friday, 06 November 2015 23:12

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Authors:

L.P. Kudyrko, Cand. Sci. (Econ.), Kyiv National University of Trade and Economics, Senior Lecturer of the Department of International Economics, Kyiv, Ukraine

V.V. Volosheniuk, Cand. Sci. (Econ.), Kyiv National University of Trade and Economics, Senior Lecturer of the Department of Economic Theory and Competition Policy, Kyiv, Ukraine

М.М. Khapatniukovskyi, Kyiv National University of Trade and Economics, Postgraduate Student, Kyiv, Ukraine

Abstract:

Purpose. The study of exogenic and endogenic factors influencing the state and development trends as for Ukrainian foreign trade in metallurgical products.

Methodology. Analysis and synthesis methods were used to study the complex influence of internal and external factors on the development of Ukrainian metallurgical product export. To identify the volumes, structure and specific features of post-crisis renovation of economic dynamics of demand for metallurgical product in regional markets, the following methods were used: statistics, logical and historical methods; system generalization method allowed us to define the key issues in the development of foreign trade of metallurgical products.

Findings. It was established that in connection with destructive influence of the recession in the countries consuming metal product there a significant drop in external demand for metallurgical product by domestic enterprises, introduction of a range of limitations in the market of Customs Union member-states, including the Russian Federation has been observed. Among the internal factors of metallurgical product export destabilization in mid- and short-terms, the following can be pointed out: destruction of production base of metallurgy and related branches caused by military operations in the East of Ukraine; high level of uncertainty concerning heavy industry, depreciation of national currency, financial instability, the threat of blocking the access to Mariupol and Berdiansk ports in the Azov Sea for the needs of both domestic economy and foreign trade. Prospects of product diversification, including increased volumes of supplies to the markets of EU member-states, one can see in the introduction of autonomous preferences for the Ukrainian exporters by the EU, with their further prolongation in case of full ratification of the Association Agreement between Ukraine and the EU.

Originality. The key trends of metallurgical product foreign trade in Ukraine were further developed; the relevance of domestic export development to the global trends under recessive demand was grounded; systematization of determinants influencing the foreign trade of metallurgical product was improved by dividing them into internal and external.

Practical value. Identification of key factors hindering the foreign trade of metallurgical product allows determining the potential of maintaining metallurgy as a budget-forming branch of the Ukrainian economy and a large source of currency returns. Systematization of risks allows us to optimize regulatory measures of support for this branch, and to determine the possibilities of state sectoral and institutional instruments for further modernization and increase in international competitiveness.

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