Economic and legal determinants of export competitiveness of the food industry of Serbia

Abstract

Most authors agree that countries try to specialize in international trade. Among most important factors, they mention: differences in production costs, demand, production factors mobility, interest rates, wages, trade balance, income, technological innovativeness and progress. Therefore, the subject of this research paper is the analysis of comparative advantage and export specialization of the food industry, using the Balassa index (RCA), Lafay index (LFI) and modified index of comparative advantage (Sm) and specialization in international trade using Grubel Lloyd's index (GL), in order to measure the comparative advantage and specialization and suggest economic and legal measures for the improvement of competitiveness and comparative advantage in international markets.

Keywords

• balassa index
• comparative advantage of export
• competitiveness
• food industry
• international trade economic and legal measures