Management of Foreign Economic Activities of Ukraine in the Process of Business Development

Abstract

The paper presents an analysis of foreign economic activities, which are one of the key components of life of any country. A lot depends on its results, starting from the balance of payments of the state, ending with the assessment of the quality of life of the population. Poor balance of payments leads to the need to borrow money, resulting in growing public debt. The main indicators of exports and imports have been analyzed, their forecast values for the future period have been determined. It has been proven that one of the key tasks of the government should be a systematic review of foreign trade policy. The efficiency of international trade is one of the main indicators that characterize the level of development of the state, as it affects all macroeconomic indicators and allows increasing the efficiency of resource use through the production of goods in the production of which the country has competitive advantages. However, unfortunately, the efficiency of Ukrainian foreign trade is very low. The analysis showed that the trade turnover with the CIS countries, Europe and the Asian region is growing every year, and the gap between imports and exports continues to widen, which may lead to an increase in the trade imbalance in the future. The trade deficit is an established tradition for Ukraine as a state throughout its history. The constant deficit in trade in goods leads to the loss of financial stability of the state and the need to constantly attract additional resources from other areas of activity to cover the trade deficit, which in turn leads to a slowdown in economic growth. Thus, within the system of agreements of the World Trade Organization there is a huge arsenal of tools and mechanisms for trade policy. To overcome systemic imbalances in foreign trade, trade procedures need to be simplified, as well as customs tariff commitments for Ukraine. The country’s foreign economic activity is one of the main directions of development of many modern countries, the source of goods, the production of which is impossible within the country, as well as income from export-import operations for many countries where for some reason there are no production processes. . Due to Ukraine’s strategy to become a full member of international cooperation and trade, to establish economic cooperation with foreign partners, the volume of foreign economic transactions has increased significantly in recent years.