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The European Union as a Major Trading Player in the Global Economy
Abstract
This chapter critically evaluates the position of the EU within the global trade and developments of its position from a long-term perspective, and identifies the main factors behind these developments. With this aim, both the intra-EU trade and the extra-EU trade are analyzed, including the development of export and import values, along with the trade balance development and the structure of the intra-EU and extra-EU trade flows (main trading partners and main product groups). Furthermore, the development of the EU's share on the global trade is studied in comparison to the share of other main world trade players. The chapter examines the main factors that influence the position of the EU within the global trade. Finally, the prediction of the EU trade and of its position in the global economy are developed.
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