COMPARATIVE ANALYSIS OF THE TRADE PERFORMANCE OF THE COUNTRIES OF THE EUROPEAN UNION, SERBIA AND BOSNIA AND HERZEGOVINA - EMPIRICAL APPROACH

Abstract

The issue of measuring and analyzing trade performance is continuously relevant, significant and complex. It is particularly challenging to investigate trading performance using different multi-criteria decision-making methods. In this way, considering the comparison of a large number of alternatives in relation to several criteria, a more realistic knowledge of trade performance is gained in the function of improvement in the future by applying relevant measures. Based on that, this paper analyzes the trade performance of the countries of the European Union, Serbia and Bosnia and Herzegovina based on the LMAW-DNMA method. According to the results of the LMAW-DNMA method, the top five countries of the European Union in terms of trade performance include: France, Germany, Spain, Poland and Italy. In terms of trade performance, the leading countries of the European Union (Germany, France and Italy) are well positioned. Malta is positioned in the last place. In terms of trade performance, Croatia is better positioned than Slovenia (21st and 23rd place, respectively). Serbia ranked twenty-second in terms of trade performance. It is positioned worse than Croatia, but it is better than Slovenia. The trade of Bosnia and Herzegovina took twenty-sixth place in terms of performance. It is worse positioned in relation to the performances of Croatia, Slovenia and Serbia. In order to improve the trade performance of European Union countries, especially Serbia and Bosnia and Herzegovina, it is necessary to manage more efficiently the number and size of companies, human resources, employee costs, turnover and added value. The target profit can be achieved by adequate control of these and other critical factors of business success.