Trends in and Prospects for the Development of the Agricultural Commodities Market in a Globalized Economy

• Main Authors: Savchenko Maryna V., Shkurenko Olga V.
• Format: Article
• Language: English
• Published: PH "INZHEK" 2019-04-01
• Series: Problemi Ekonomiki
• Subjects: agricultural commodities market; export; import; agricultural commodities; development trends; globalization of the economy
• Online Access: https://www.problecon.com/export_pdf/problems-of-economy-2019-4_0-pages-47_54.pdf

The aim of the article is to identify trends in and prospects for the development of the agricultural commodities market in a globalized economy. As a result of the study, it is found that identifying and investigating the development directions of the domestic agricultural commodities market are important tools in the system of measures for increasing competitiveness of agricultural commodities, forecasting development of the industry and adapting it to trends in the global agricultural commodities market. Based on the data for the period 2012–2016, the trends in the exports and imports of agricultural commodities in Ukraine are analyzed and the following features revealed: a decrease in exports with a simultaneous decline in exports of agricultural commodities; the main market for Ukrainian agricultural commodities remains the Asian market. It is established that in the global perspective, agricultural commodities markets stay well balanced due to the positive trends of maintaining high export opportunities of countries and relatively stable world prices. The predicted values of the world Agricultural Price Index up to 2024 are obtained. To improve the position of Ukrainian producers in the global agricultural commodities market, the following set of measures is proposed: developing innovative production technologies and improving the technical equipment in branches of the agricultural sector in order to enhance the quality of manufactured products to meet international standards; facilitating cooperation and integration of agricultural producers; improving logistics in promoting Ukrainian products on the world market in order to avoid losses in price and quality; developing transport infrastructure; ensuring state support for large-scale export-oriented production.