Marketing and Trade THE ANALYSIS OF EXPORT TRADE BETWEEN UKRAINE AND VISEGRAD COUNTRIES Ľudmila Nagyová, Monika Horáková, Serhiy Moroz, Elena Horská, Zuzana Poláková Introduction analyze the impact of EU-funds on small and The dynamic development of foreign trade medium-sized enterprises (SME) in Poland. On is important for the stable economic position the contrary, Vojtovič (2016) points out the use of each country. It can be considered as of Structural Funds for SMEs in Slovakia. a confi rmation of the actual effi ciency of Nevertheless, being part of a larger the national economy and its ability to be economic or political group does not always competitive in the global economic system. The mean a positive economic impact on a particular growth of this trade is particularly essential for country or region. Zdražil and Applová (2016) Ukraine, taking into account the crisis situation present in their study the disparity of benefi ts in the country. In this paper, we analyze main when individual V4 regions enter the EU. The tendencies of export trade of Ukraine with fi nal GDP indicator per capita refl ected the initial Visegrad countries (Czech Republic, Hungary, negative results in the areas of productivity Poland and Slovak Republic) and examine and employment. That is the reason why the whether there is a relationship between the Ukraine-EU Deep and Comprehensive Free level of GDP and the volume of export activities Trade Agreement (DCFTA) regulate many between these countries. aspects of business cooperation between the It should be noted that various agreements countries. SMEs in Ukraine even have access were concluded between Ukraine and each to the fi nancial support of € 200 million from country of the V4 group regarding economic EU grants thanks to this agreement (European and trade relations. These agreements made Commission, 2017c). the business competitiveness, not only for The main purpose of this paper is to Ukraine itself, higher. Even the V4 countries evaluate the development of Ukraine export to benefi t from this cooperation. The principal member states of Visegrad group depending sectors of economy are industry, agriculture on the exports to other countries of V4 and and the area of scientifi c as well as technical the level of GDP per capita in each individual cooperation. country. The basis for this research was the Furthermore, all V4 countries are members trend analysis of the data obtained from the of the European Union at present. Only the State Statistics Service of Ukraine, Eurostat Slovak Republic also belongs to the Euro area and United Nations Conference on Trade (19 members in 2017). All V4 countries have and Development (UNCTAD), which was advantages coming from being the EU members. then statistically verifi ed and evaluated. The Above all, they have fi nancial benefi ts, such UNCTAD data were retrieved on July, 2016. as using the fi nances from major Structural & Investment Funds (each focused on several key 1. Theoretical Review priority areas), Grants or Contracts (European The state and challenges of foreign trade are Commission, 2017a). Moreover, Horák, Prýmek, considered in a number of publications. Main Prokop and Mišák (2015) highlight the benefi ts tendencies and perspectives of export and for Czech households which are subsidized import activities of Ukraine are outlined, for by the program Green Premium from EU. instance, in Deineko et al. (2015), Didkovskaya This is a fi nancial benefi t for households and (2013), Kukharska (2016), Lomeiko (2015), it has a positive impact on environment, too. Mudrak (2014), and Syvanenko and Toropkov In addition, Olinski, Szamrowski and Luty (2016) (2015). Some authors use specifi c methods and DOI: 10.15240/tul/001/2018-2-008 2, XXI, 2018 115 EEM_2_2018.inddM_2_2018.indd 111515 222.6.20182.6.2018 99:17:24:17:24 Marketing a obchod approaches to analyze country’s international multinationality on the value-relevance of trade. Bodnar (2014) elaborates econometric fi rms’ real options. Based on this approach, models which describe the state of foreign they show that the relationship between goods trade of Ukraine, in general, and with stock returns and changes in return volatility CIS, European and Asian countries separately, is substantially connected with fi rm’s foreign taking into consideration their seasonal and involvement. Aulová and Hlavsa (2013) study trend components. Also, he presents forecasted the capital structure of agricultural businesses indices of Ukraine’s external trade in the frame and the effect of selected determinants on this of these models. structure. The analysis of these determinants is Raneta et al. (2015) investigate Ukrainian carried out by way of multiple linear regression. export by means of gravity equation to identify Rovný (2016) examines the position of young impact of economic diplomacy and other factors farmers and appropriate demographic and on export fl ows. A positive relationship between economic changes in the agricultural sector Ukrainian export and the number of employees of the European Union. Employing the of diplomatic missions and of regional trade multiple regression approach, he fi nds out the agreements is identifi ed. Shumska (2014) differences and relationships between the researches the exchange rate elasticity of groups of farmers under the age of 35 and merchandise exports and imports of Ukraine. above the age of 55. Ubrežiová et al. (2011) She evaluates the sensitivity volume of foreign explore the position of agri-food companies and trade fl ows of change rate in econometric most exported agri-food commodities in SR in models (one-factor and multi-linear regression the European competitive environment. equations) with the usage of partial indices of Bates and Santerre (2015) analyze the real effective exchange rate. demand for municipal infrastructure projects There is the lack of publications regarding and factors which infl uence the capital decision- export activities between Ukraine and V4 making process at the local government level. countries. With respect to foreign trade of The researchers use the multi-regression Visegrad countries, several publications could method to have a detailed understanding be mentioned. Bielik et al. (2013) consider of the capital-investment decision of local changes in agrarian trade of the Czech Republic communities. Blyth and Kaka (2006) create and Slovakia in 1994-2010, characterizing a multiple linear regression model to forecast comparative advantage of agricultural exports. the program of works of construction companies The modifi ed Balassa’s RCA indexes and the and to produce S-curves. Received results Lafay index are applied in this article. Łapińska confi rm the effectiveness of the proposed (2014) examines peculiarities of intra-industry model. trade between Poland and its EU trading Bohnert et al. (2016) explore claims infl ation partners. To measure the intensity of this with focus on automobile liability insurance. trade, the Grubel-Lloyd index is employed. An The drivers of claims infl ation risk and its impact econometric model is used for the analysis of on reserving are determined on the ground the factors determining agricultural and food of stepwise multiple regression analysis. trade of Poland with other EU countries. Kubicová and Kádeková (2012) analyze revenue Misztal (2013) analyzes international trade impact on the demand of Slovak households for and business cycle synchronization in Poland food products. Berezan et al. (2013) examine and the European Union. The researcher the infl uence of sustainable hotel practices on considers the intensity and structure of the satisfaction and intention to return of hotel international trade and their impact on business guests from different nationalities. Based on cycle, presenting a review of the literature on multiple regression and multinomial logistic macroeconomics and international fi nance, as regression, it is confi rmed the existence well as econometric models (such as the vector of a positive relationship of these practices autoregression model). on guests’ satisfaction levels and return Multi-regression models (including in intentions. Cirer Costa (2013) identifi es main combination with other statistical methods) are factors impacting price formation and market also widely used in other economic studies. segmentation in seaside accommodations. The For instance, Aabo et al. (2016) apply multiple researcher considers tangible characteristics regression analysis to identify the impact of of each establishment, which are used as 116 2018, XXI, 2 EEM_2_2018.inddM_2_2018.indd 111616 222.6.20182.6.2018 99:17:25:17:25 Marketing and Trade explanatory variables of price, on the basis of the improvement of forecasting and decision a multiple regression model. analysis. The research results confi rm that Domingues et al. (2016) elaborate the such goal is achievable, and these models Integrated Management Systems Maturity are fl exible and effi cient, having a variety of Model, which gives a possibility to compare practical utility functions. integrated management systems concerning their relative stage of evolution. The researchers 2. International Position of Ukraine investigate the statistical-based component of and V4 Group the model, paying attention to the relationships Even though Ukraine belongs to one of the between three independent variables and multi- largest countries situated in Europe, it is not regression model and other variables. Døving the EU member on the contrary to the countries and Martín-Rubio