Instruments and directions of sustainable development and increase of efficiency of foreign economic activity of enterprises of metalworking industry in conditions of increased uncertainty

the purpose of the study is to develop instruments and directions for improving the sustainability and efficiency of foreign economic activity of enterprises in the metalworking industry in conditions of increased uncertainty. Methods: the methods used in this study include structural-functional analysis, factor and comparative analysis, method of expert evaluations, elements of correlation and regression modelling. Findings: the key factors negatively affecting the sustainability and efficiency of foreign economic activity of metalworking industry enterprises have been identified, among which the factor of foreign economic uncertainty is dominant. The classification and formalisation of effective tools of adaptation to these conditions – such as digitalisation of foreign economic activity, formation of stable partner networks, application of currency risk hedging mechanisms, diversification of export-import directions, participation in interstate cooperation platforms – are formed. The tools were tested at four enterprises, which showed an increase in efficiency indicators: an increase in export revenues, a reduction in logistics costs, and an increase in the stability of contractual relations. Conclusions: sustainability of foreign economic activity is a significant factor in the overall sustainability and efficiency of enterprises in the metalworking industry. The application of the developed tools makes it possible to reduce sensitivity to external fluctuations and ensure stable development in the long term.

foreign economic activity, metalworking industry, sustainable development, economic uncertainty, efficiency, foreign economic activity instruments