Mechanisms for supporting and increasing Ukraine's export potential

Abstract

The article examines the main trends of export dynamics in terms of quantitative and structural indicators under martial law. It emphasizes that the formation of an effective policy to stimulate the development of Ukraine’s export potential should become one of the main priorities of the economic development of the state. The main steps of export policy formation at the state level are outlined. The main positive achievements and unrealized priorities of the Export Strategy of Ukraine for 2017-2021 are identified. The article emphasizes that the lack of an established and effective export support mechanism prevents the rapid recovery and expansion of export activities. The international experience in the formation of a mechanism and the use of tools for the protection and support of exporters at the state level is shown. The strengths and weaknesses of the export support instruments used in Ukraine are outlined. Partial regulation by the state under martial law is noted as an additional destructive factor of export activity. The main tools of the export support mechanism used in Ukraine are outlined. Informational and advisory support, financial support, and development of network interaction are highlighted among the tools. The sectoral and functional focus of each tool is defined. Special attention is paid to the financial support of exporters by using the services of the Export Credit Agency (ECA). The use of the ECA tool is effective in supporting the export of high-tech products, as well as industries that are the top priority for the development of the economy. The historical features of the formation of ECA in Ukraine are outlined. The peculiarities of the functioning of the ECA and the main tools used in its work are analyzed. It is necessary to increase the quantitative and qualitative indicators of the work of the ECA, to expand the types of economic activities that are supported in the direction of increasing the share of goods with high added value. The main measures that will contribute to increasing the effectiveness of the ECA are shown, in particular, the popularization of services among exporters, an increase in the amount of financing for exporters, an increase in the authorized capital of the ECA through the involvement of international financial organizations, the issuance of debt securities, the opening of reinsurance limits abroad, and an increase in insurance limits. The article reveals that, currently, there is no formed mechanism for supporting export activity in Ukraine. However, the state of war and its negative impact on foreign economic activity significantly accelerated the process of its formation.