Analysis of the Trade Performance of the European Union and Serbia on the Base of FF-WASPAS and WASPAS Methods

Abstract

In this paper, based on a multicriteria analysis, the trade performance of selective countries of the European Union and Serbia is reviewed. In this paper, based on a multicriteria analysis, the trade performance of selective countries of the European Union and Serbia is reviewed.According to the results of the FF-WASPAS method, Germany's trade ranks first in terms of performance. They are followed by: France, Italy, Hungary, Greece, Croatia, Slovenia, Austria, Serbia, Bulgaria and Romania. Croatia's trade performance is better than Slovenia's. According to the results of the FF-WASPAS method, Serbia is in a worse position than Croatia and Slovenia. According to the results of the classic WASPAS method, Germany's trade ranks first in terms of performance. Followed by: Italy, France, Greece, Romania, Bulgaria, Hungary, Austria, Serbia, Croatia and Slovenia. The leading countries of the European Union (Germany, France and Italy) are among the top five countries (along with Greece and Romania). Serbia is in a better position compared to Croatia and Slovenia. Numerous factors influenced the performance positioning of trade between the European Union and Serbia: economic climate, foreign direct investments, asset management, new business models (multichannel sales, private label, sales of organic products), new concepts of cost, sales and profit management (cost calculation by activity, customer management, product category management, etc.), the Covid-19 pandemic, the energy crisis, etc. A key factor is the digitization of the entire business. The target profit can be achieved by adequately controlling them.

Keywords

• efficiency
• costs
• income
• profit
• trade
• european union
• serbia
• determinants