Development of foreign economic activity of ukrainian enterprises under conditions of economic globalization

Abstract

In today’s globalized world, international trade, which covers the totality of foreign trade of all countries of the world, is a powerful force of economic development. The economic development of any country is impossible without its active participation in trade relations with other countries of the world. The rapid formation of the global economy contributes to the emergence of a number of opportunities for both large and small businesses. The article considers both advantages and disadvantages of globalization of economy. The article claims that in the current conditions of technological development and rapid integration processes, it is necessary to take into account results of globalization, while forming an effective state policy regarding the realization of foreign trade activities. The country participating in the system of global economic relations should have competitive advantages and improve its competitiveness in order to avoid the impact of negative factors. The article reveals the current state of the development of Ukraine’s foreign trade with other countries of the world, as well as explores Ukraine’s exports and imports structure. Despite a significant increase in the cost of exporting goods and services to the world, Ukraine is still an import-dependent country. The currency liberalization contributed to the reduction of prejudice from foreign counterparties, investors and banks, which allowed Ukrainian enterprises to operate fully in foreign markets, which resulted in a significant reduction in the negative foreign trade balance of the country. The new currency law has provided Ukraine with a base for free capital movement, which brought the country closer to European standards. However, despite significant easing in foreign exchange regulation, Ukrainian manufacturers continue to face a number of both internal and external obstacles to boosting their export activity. The article defines further ways of development of foreign economic activity of domestic enterprises in the conditions of globalization. It has been established that the stable development of the economy is possible only in the conditions of maintaining its openness and rapid development of foreign trade.