Globalization and Foreign Trade: Selected Topics in Central European Countries

Abstract

Foreign trade plays important role in the economy of every country, especially in modern globalized world. This article deals with selected aspects of foreign trade in countries from central Europe, namely in the Czech Republic, Slovakia, Poland, Hungary, Germany, and Austria. Method of comparative analysis has been used in this article. Firstly, the article analyses the development of GDP (foreign trade is part of GDP formula in every open economy), where the most powerful economies are Germany and Austria. Secondly, overall development of trade with goods and services in all selected countries has been analysed. Surprisingly, the only country with deficit in case of services is Germany. Thirdly, the article focuses on development in two countries, namely of the Czech Republic and Slovakia. The openness of these two countries is compared, but most of all, the export and import of these two countries in relation with other analysed countries. Relatively surprising result is that for both countries is the most important business partner Germany, but there are some differences. Detail results are described in the article.