The Impact of International Economic Relations on Logistics Business Development

The logistics industry accounts for a large part of the country's gross domestic product, so even a small change in the logistics sector can have huge consequences for the country and its economic level. Since the logistics business is an integral part of both national and international economic relations, it is important to study this sector and evaluate the opportunities for effective growth. The subject of this article is the factors influencing the international logistics business. The article aims to identify the factors that would facilitate the development of international economic relations between the Baltic States and South Korea in the logistics sector. After analyzing different factors, in order to achieve the goal of the article, it was decided to study the influence of customs, excise, minimum wage, changes in fuel prices, and the number of particulate emissions on the development of international economic relations in the logistics sector. Many of these indicators are becoming more and more relevant for the logistics sector, due to the new EU green policy perspective and the transition to renewable energy sources. In this study, it was chosen to conduct independent variable calculations between the Baltic States and South Korea. Using the ANOVA analysis method, the relationship between variables for international economic relations and logistics business development was determined. A test of Cook's measure was performed in order to find out whether there is an autocorrelation problem between the selected variables. Analyzing the literature, it was found that there is more than one factor that can affect international economic relations and logistics business. It has been proven that governments and international organizations have the strongest influence on the development of international economic relations. The calculations showed that the Baltic exports to South Korea are affected by all variables, i.e. fuel price changes, CO2 emissions, minimum wage changes, excise duties, customs duties and distance between the countries. Taking into account the obtained results, it could be recommended to the Baltic countries to continue increasing the minimum wage, as this helps to promote greater consumption of goods, and by strengthening political cooperation to reduce the level of tariffs applied by South Korea.