Key Factors of Foreign Trade Competitiveness of the EU and BRICS

International competitiveness is influenced by globalization processes in the world economy in recent decades. This process changes the comparative advantages of each country and the share of individual countries in world trade is transformed. BRICS countries strength quickly its influence in international trade, and thus the European Union must face new pressure in competitiveness from their side. The aim of this paper is to define key factors of foreign trade competitiveness of evaluated economies by an application of factor analysis. Factor analysis contains indicators of foreign trade which describe driving forces of competitiveness, also in terms of long-term potentiality, and those which are direct or indirect outcomes of a competitive society and economy. Based on factor analysis results, it is possible to classify evaluated territories through according to level of foreign trade advancement.