Abstract
Although international trade is an incontestable driver of economic development, scientifi c literature still lacks the studies to assess the impact of the international trade in agricultural products on the EU economic growth. The agricultural sector is treated as specifi c in comparison to other economic sectors as the EU subsidisation policies causes distorted competition in both local and global agricultural markets. The main purpose of this article is to assess the impact of the international trade in agricultural products on the economic growth of EU28. The results of the correlation and regression analyses have revealed that the international trade in agricultural products (in particular, section I and III products) contributes only insignifi cant part, to the economic growth of EU28 through the following indicators: GDP in market prices, self-employment, employment in the agricultural sector, labour force rate, subsidies and other transfers. The results have also disclosed that while analysing the impact of the international trade in agricultural products on economic growth, there is no necessity to research export and import volumes in separate as agricultural export and import show nearly the same (only with insignifi cant value differences) determinants of economic growth promotion. Another important conclusion is that the international trade in agricultural products mainly comprises the trade in live animals and animal products (meat and edible meat offal, fish and crustaceans, molluscs and other aquatic invertebrates, dairy produce, birds’ eggs, natural honey, edible products of animal origin, not elsewhere specifi ed or included, and products of animal origin, not elsewhere specifi ed or included) as well as animal or vegetable fats and oils and their cleavage products, prepared edible fats, and animal or vegetable waxes.
JEL Classifi cation: Q17, F13, F63.
Remeikiene, R.; Rozsa, Z.; Gaspareniene, L.; Pěnčík, J. 2018. Assessment of the Impact of the International Trade in Agricultural Products on the EU Economic Growth. Economics and Management. Vol. XXI, Issue 4, p. 33–47; https://dx.doi.org/10.15240/tul/001/2018-4-003; [Social Sciences Citation Index (Web of Science); Journal Citation Reports (Social Sciences Edition); SCOPUS; EconLit; International Bibliography of the Social Sciences; ABI/INFORM; EBSCO; CABELL´S; GALE Business Insights: Global].