engleski

Dynamics and composition of trade relations between Croatia and CEFTA 2006 countries

Structural and dynamical aspects of foreign trade and capital flows between international markets, Croatia and the CEFTA 2006 region have profound macroeconomic impact in actual global economic scene. Thus comparative merchandise trade analysis between Croatia and countries in the region and their competitiveness on international financial market has been required. Therefore, the first part of the paper deals with trends analysis of foreign trade flows between Croatia and its neighbors. The accentuation has been laid upon merchandise trade composition and direction analysis with CEFTA 2006 countries, and especially upon structural shifts in foreign trade balance at bilateral and multilateral levels. The impact of dynamic merchandise trade growth between Croatia and CEFTA 2006 on increasing imbalance with bilateral partners, as possible hindrance to further trade growth within the region has been investigated. The paper analytically evaluates possible impact of trade and financial flows growth among CEFTA 2006 member states on balancing their current account usually suffering from serious overall deficit. The second part focuses on Croatia and CEFTA 2006 countries efficiency in approaching international financial markets. Emphasis is capital account composition shifts, especially FDI flows. FDI concentration index has been employed as a measure of FDI attraction efficacy, and as competitiveness indicator of Croatia and CEFTA 2006 countries on international markets. Accentuation has been put on long term trends and efficacy of each country's FDI attraction. Degree of adaptability on actual fluctuation in global financial markets has been examined. Special part of analysis includes international FDI flows within CEFTA 2006 with special reference to Croatian FDI flows to the region.

Croatia; CEFTA 2006; FDI; Foreign trade; South East Europe; Western Balkans

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