COMPARATIVE ANALYSIS OF TRADE PERFORMANCE IN SERBIA AND SELECTIVE COUNTRIES IN THE REGION BASED ON THE AROMAN METHOD

Abstract

It is necessary to know the actual trade performance of Serbia and neighboring countries to improve it in the future by applying relevant measures. This enables the application of various multi-criteria decision-making methods, individually or integrated. In this study, starting from that, the performance of trade in Serbia and selective countries in the region as alternatives (Croatia, Slovenia, and Bosnia and Herzegovina) is comparatively analyzed based on relevant criteria using the AROMAN (Alternative Ranking Order Method Accounting for Two-Step Normalization) method. According to the selected criteria (number of companies, number of employees, net sales revenue, and added value), Serbia is in second place, while Bosnia and Herzegovina is in fourth place in the region. To further improve business in Serbia, it is necessary to manage the number and size of companies as efficiently as possible human resources, sales, and added value. Other factors, such as inflation, interest rates, exchange rate, employment, living standards of the population, foreign direct investments, etc., influenced the presented performance positioning of Serbian trade. The digitization of the entire business and the implementation of new business models are also important for improving the performance of trade in Serbia.