The Significance of Trade Openness and Export Diversification for the Economic Growth of the European Union Countries
The Significance of Trade Openness and Export Diversification for the Economic Growth of the European Union Countries

Summary/Abstract: The article attempts to assess the sensitivity of the economies of the European Union countries to changes in the economic situation on their sales markets. It was assumed that trade openness index will be of decisive significance here. For the needs of the analysis, major export directions of the EU countries were determined, Theil relative diversification indices for export were calculated at the level of 6 HS digits, and the importance of agricultural and food products in the export structure was established. The size of the economies of the EU countries and the considered elements of the analysis of the commodity structure of trade turned out to be the factors influencing the lack of straight forward relationship between trade openness and sensitivity to changes in the economic situation on trade partners’ markets.

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