FRAGMENTATION OF WORLD TRADE IN GOODS UNDER CONDITIONS OF REGLOBALIZATION

Abstract

Approaches to the interpretation of reglobalization as one of the key characteristics of the current stage of globalization of the world economy have been investigated. The inevitability of transformations of international cooperation in accordance with fragmentation on the basis of common political, cultural, technological and environmental values is substantiated. The theoretical and practical aspects of the fragmentation of world trade in goods are considered in the context of the tendency of the formation of new competing blocs and centers of influence in the world economy. Sufficiently broad assessments of the level of risk and the impact of the fragmentation of production and trade on the sustainability and stability of the development and growth of the world economy have been determined. The permanent nature of the fragmentation of global supply/added value chains and the growing level of involvement of countries in both integration and competition are emphasized. It is proposed to use the level of inter-bloc trade between the participants of the current integration blocs for the overall assessment of the fragmentation trends in commodity trade. An analysis of inter-bloc trade between such integration associations and organizations as OECD, EU, APEC, BRICS, COMESA was carried out in the long-term period of 2003-2021. Significant volatility of the obtained results was revealed, which complicates the unambiguous explanation of world trade trends due to fragmentation. The peculiarities and characteristics of the dynamics and intensity of trade in goods between the countries participating in the integration structures have been identified, including: sufficiently intensive restoration of trade in goods even under the conditions of increased geopolitical confrontation; the slowness of trade fragmentation due to the high interdependence formed during the previous decades of globalization; sufficient stability of inter-bloc trade at the level of 2/3 of commodity exports of participating countries, regardless of regional location, level of development or productivity; predominance of qualitative changes over quantitative ones; forming a window of opportunity for countries to improve the efficiency and effectiveness of integration into the world economy and trade. The need for a comprehensive study of production, trade, investment, credit and currency fragmentation to assess its impact and sustainability of global and national economies is suggested.