The relevance of the research subject is related to the fact that exports are an integral part of the overall economic potential of any state and largely determine the pace of its economic development. The slowing of export growth relates to exports to the EU countries in recent years; the negative
trade balance of Latvia with these countries increases the need to analyse the factors affecting the realisation of export potential and to search for opportunities to do so. The purpose of this study is to analyse the export potential of Latvia to the EU countries, categorised by groups of goods.
To achieve the goal of the study, it was necessary to determine the essence of the export potential, identify factors that affect the implementation of the country’s export potential and assess the export potential of trade between Latvia and the EU countries by groups of goods. The study used
quantitative and qualitative methods of analysis, statistical data analysis, as well as methods for assessing the potential of Latvian exports to the EU countries. As a result of the study, groups of goods with trade potential for export to the EU countries have been identified.
Augier, P., Gasiorek, M., Lai Tong, C. (2005), The impact of rules of origin on trade flows. Economic Policy, 20(43): 567-624.
Baltagi, B., Egger, P., Pfaffermayr, M. (2003), A generalized design for bilateral trade flow models, Economics Letters, 80(3): 391-397.
Bensassia, S., Márquez-Ramos, L., Martínez- Zarzosoc, I., Suárez-Burguet, C. (2014), Relationship between Logistics infrastructure and trade: Evidence from Spanish regional exports, Transportation Research Part A: Policy and Practice, 72: 47-61.
Buch, C., Piazolo, D. (2001), Capital and trade flows in Europe and the impact of enlargement. Economic Systems, 25(3): 183-214.
Bussičre, M., Fidrmuc, J., Schnatz, B. (2005), Trade integration of Central and Eastern European countries: Lessons from a gravity model, ECB Working Paper No. 545, available at: https://www.econstor.eu/bitstream/10419/152979/1/ecbwp0545.pdf (accessed 20 June 2018).
Central Statistical Bureau of Latvia, available at: http:www.csb.gov.lv (accessed 01 July 2018).
Chico, J.R., Peńa Sánchez, A.R., Jiménez García, M. (2017), Food exports competitiveness in E.U. by countries, Ekonomicko-manazerske spektrum, 11(1): 25-36.
Egger, P. (2002), An econometric view on the estimation of gravity models and the calculation of trade potentials (pp. 297-312), Blackwell Publishers Ltd, available at: https://pdfs.semanticscholar.org/47b2/de11eb3338b70970e79d230fd885d7c9cc6a.pdf (accessed 15 June 2018).
Egger, P. (2008), On the role of distance for bilateral trade, World Economy, 31(5): 653-662.
Egger, P., Lassmann, A. (2012), The language effect in international trade: A meta-analysis, Economics Letters, 116, 2, (221): 221-224.
Fidrmuc, J., Fidrmuc, J. (2009), Foreign languages and trade, Economics and Finance Working Paper Series, No. 09-14. available at: https://bura.brunel.ac.uk/bitstream/2438/3442/1/0914.pdf (accessed 20 June 2018).
Gerasimov, B. et al. (2009), Economic theory. Part 1. Introduction to economics. Microeconomics. Tambov: TGTU.
Gradov, A. (2005), National economy (2nd edition), Saint Petersburg: Piter.
Iwanow, T, Kirkpatrick, C. (2007), Trade facilitation, regulatory, quality and export performance, Journal of International Development, 19(6): 735-753.
Kliestik, T., Kovacova, M., Podhorska, I., Kliestikova, J. (2018), Searching for key sources of goodwill creation as new global managerial challenge, Polish Journal of Management Studies, 17(1): 144-154.
Martínez-Zarzoso, I., Suarez-Burguet, C. (2005), Transport costs and trade: empirical evidence for Latin American imports from the European union, Journal of International Trade & Economic Development, 14(3): 353-371.
Martinez-Zarzoso, I., Márquez-Ramos, L. (2005), Does technology foster trade? Empirical evidence for developed and developing countries, Atlantic Economic Journal, 33(1): 55-69.
Nitsch, V. (2000), National borders and international trade: Evidence from the European Union, Canadian Journal of Economics, 33 (4): 1091-1105.
Nurseiit, N. (2014), Estimation of Kazakhstan’s trade potential in the framework of the Custom Union, Business and Economic Horizons, 10 (4): 320-347.
Paas, T., Tafenau, E. (2005), Regional trade clusters in promoting eastward enlargement of European Union, Transition Studies Review, 12 (1): 77-90.
Pancenko E., Ivanova T. (2016), TRADE potential of Latvia with the EU countries, Journal Economics and Business, 28, available at: http://www.degruyter.com/view/j/eb.2016.28.issue-1/issuefiles/eb.2016.28.issue-1.xml (accessed 10 June 2018).
Pelipas, I., Tochitskaya, I., Shimanovich, G., Anisimov, A. (2014), Evaluation of impact of nontariff barriers on mutual trade in common economic space based on survey of exporting enterprises, Journal Eurasian Economic Integration, 4 (25): 5-30.
Raizberg, B., Lozovskiy, L., Starodubtseva, E. (2007), Modern economic dictionary, available at: http://maloe.govmurman.ru/glossary/c_d/ (accessed 10 June 2018).
Rogov, V. (2004), Export potential of Russia: Position, milestones and development conditions, Foreign Economic Bulletin, 5: 58-65.
Reppas, P., Christopoulos, D. (2005), The export-output growth nexus: Evidence from African and Asian countries, Journal of Policy Modelling, 27: 929-940.
Salov A. (2004), Economy, foreign trade and trade policy. Big online library e-Reading, available at: http://www.e-reading.link/chapter.php/97500/58/Salov_-_Ekonomika._Konspekt_lekciii.htmlPorojan, A. (2001), Trade flows and spatial effects: the gravity model revisited, Open Economies Review, 12: 265-280.
Sapir, A. (2001), Domino effects in Western European regional trade, 1960-1992, European Journal of Political Economy; 17(2): 377-88.
Sarker R, Jayasinghe S. (2007), Regional trade agreements and trade in agri-food products: Evidence for the European Union from gravity modelling using disaggregated data, Agricultural Economics; 37(1): 93-104.
Semenova E., Soboleva J. (2015), Foreign trade: Teaching aid, Moscow: Direct-Media. TradeMap, (2018), Trade statistics for international business development. Available at: http://www.trademap.org/ (accessed 16 July 2018).
Ultan, S., Rogovskaya, N. (2012), Basic methodology of sectoral export potential formation and study (exemplary sector: nonferrous metallurgy), Omsk University Herald, Series “Economics” N1, available at: http://cyberleninka.ru/article/n/metodologicheskie-osnovy-formirovaniya-i-issledovaniya-eksportnogo-potentsiala-otrasli-na-primere-otrasli-tsvetnoymetallurgii (accessed 27 June 2018).
Vasytchenko, I. (2010), System of indicators for evaluation of regional export potential, available at: https://cyberleninka.ru/article/v/sistema-pokazateley-otsenkieksportnogo-potentsiala-regiona-1 (accessed 15 June 2018).
Wilson, J., Mann, C., Otsuki, T. (2003), Trade facilitation and economic development: a new approach to quantifying the impact. Policy Research Working Paper, 2988, 48 p. available at: https://www.researchgate.net/profile/Catherine_Mann2/publication/2561312_Trade_Facilitation_and_Economic_Development_Measuring_the_ Impact _ John _ S _Wilson /links/00b7d5281463ecae99000000/Trade-Facilitation-and-Economic-Development-Measuring-the-Impact-John-SWilson.pdf (accessed 10 June 2018).
Erika Pancenko, PhD, is Assistant Professor at the Department of Economics and Finances at RISEBA University, and teaches courses related to finance and investments. She conducts scientific research, and was a participant in research projects for the LR Competition Council, the LR Ministry of Economy and LR Ministry of Agriculture.
Current research includes the analysis of Latvia’s export potential with different countries.
Tatiana Ivanova, PhD, is Assistant Professor at the Department of Economics and Finances at RISEBA University, and teaches courses related to accounting. She conducts scientific research, and was a participant in
research projects for the LR Competition Council, the LR Ministry of Economy and LR Ministry of Agriculture. Current research includes the analysis of Latvia’s export potential with different countries