CURRENT STATE AND PROSPECTS FOR EXPANDING THE EXPORT OF DOMESTIC INDUSTRIAL PRODUCTS TO RAPIDLY DEVELOPING COUNTRIES OF ASIA

Abstract

The article analyzes the current state and prospects of development of exports of domestic industrial products to the rapidly developing countries of Asia, in particular to Indonesia, Thailand, Bangladesh and the Philippines. It is shown that today Ukraine is a full-fledged participant in the globalization process, and its further development will largely depend on the priorities of its foreign economic integration policy, the formation and implementation of which should be based on building strategic relations with both individual Asian countries and various regional associations. It is substantiated that the need to intensify Ukraine’s cooperation with Asian countries is caused not only by the global transformation in the balance of power of the world economy, but also by the need for export diversification of foreign trade in the context of Russian aggression. The analysis shows that by 2022, the demand for domestic industrial products in the markets of Indonesia and Thailand had positive dynamics and ensured, albeit not a significant increase in the export of Ukrainian high-tech goods. Despite the positive trade balance, demand for domestic industrial products in the markets of Bangladesh and the Philippines was characterized by a gradual decline until 2022. In general, the share of domestic industrial products in the structure of exports to these countries is quite low: Indonesia - 0.7%, Thailand - 3.0%, Bangladesh - 4.3%, and the Philippines - 9.9%. At the same time, the share of industrial products from these countries in the structure of Ukrainian imports was much higher, in particular: Indonesia - 20.0%, Thailand - 82.1%, Bangladesh - 96.8%, and the Philippines - 92.4%. Due to the large-scale invasion of Ukraine by Russia, the article estimates the losses in foreign trade between Ukraine and rapidly developing Asian countries in 2022. In particular, it is shown that the volume of foreign trade turnover between Ukraine and Indonesia will decrease by 39.2% compared to 2021, Thailand - by 35.3%, Bangladesh - by 48.6%, and the Philippines - by 38.6%. Based on the analysis of scientific and statistical literature, it is established that the determining instrument of trade policy of the rapidly developing Asian countries is customs tariffs, various preferential regimes and benefits for industrial products in accordance with various bilateral and regional trade agreements. In order to further develop partnership relations between Ukraine and the rapidly developing countries of Asia, it is proposed to intensify and strengthen the dialogue on deepening trade and economic cooperation through the system of trade policy instruments. In terms of further research, additional studies are proposed to determine the prospects for concluding bilateral trade agreements on FTAs between individual countries and developing a long-term strategy for trade and economic cooperation.