INNOVATIVE MULTI-CRITERIA DECISION FRAMEWORK FOR LNG AND NAPHTHA EXPORT MARKET SELECTION: INTEGRATING FUZZY DELPHI, BWM, AND TOPSIS

ABSTRACT Export market selection (EMS) is a critical strategic decision that significantly impacts the success or failure of exporting companies. This study presents an innovative multi-criteria decision-making framework that integrates Fuzzy Delphi, Best-Worst Method (BWM), and Fuzzy TOPSIS to tackle complex decision-making challenges in the context of export market selection for liquefied natural gas (LNG) and naphtha. Through a comprehensive literature review, the most important criteria for EMS are identified and ranked, culminating in an evaluation of five potential export markets. The findings reveal that ”market potential/elasticity” is the foremost criterion for EMS, with China emerging as the optimal export market for LNG and naphtha. This research not only offers a systematic methodology for export market selection but also highlights practical implications for businesses and policymakers striving to enhance export performance while aligning with broader sustainability goals, including the United Nations Sustainable Development Goals (SDGs). By providing valuable insights into market prioritization and decision-making frameworks, this study contributes to the fields of international business and petrochemical exports.