Approaches to determining the essence of export diversification

In the article, the author examines approaches to determining the essence of export diversification, analyzing its importance for the economic development of countries, especially those dependent on commodity exports. The author analyzes the concepts that arise in different time periods and comes to the conclusion that export diversification is a key tool for reducing risks associated with fluctuations in commodity prices and increasing the competitiveness of the economy. The article notes the existence of various aspects of export diversification, including the expansion of the range of exported goods and services, as well as the geographical diversification of sales markets. The study is based on an analysis of literature and official statistics data and confirms the hypothesis of the need to diversify exports of regions and countries dependent on diversification in order to ensure sustainable economic growth and socio-economic development.