The purpose of the research is to identify the factors of foreign economic relations in a competitive economy in a market economy and to determine the importance of assessing this process.

The methodology of the research - comparative analysis and development of the foreign economic relations of the country, as well as the formation of these links include methodological approaches to stimulation of foreign trade turnover and scientific opinions of many researchers.

The practical importance of the research - the materials mentioned in the study can play an important role in the proper and effective establishment of the country's foreign economic relations. Research  shows that oil and gas products are the basis of the country's foreign trade balance. When examining the structure and balance of foreign trade, we can see that the overall trade balance of our country has not been positive. Thus, in the structure of export-import transactions on consumer goods imports dominate, that is, the negative balance. In this context, it is possible to improve the organization, optimization and optimization of the structure of export-import transactions on consumer goods, mainly in the area of ​​foreign economic relations.

The results of the research: relative to 2020, it is proposed to carry out comprehensive work to develop entrepreneurship, improve the competitive environment in the market for the production of goods and services, sales and production facilities, facilitate access to financial resources and world markets.

The originality and scientific novelty of the research: along with the fact that  the study is based on the scientific works of many researchers, at the same time, ways to expand the model of foreign economic relations by searching for relevant areas of economic relations and restricting the import of export-oriented goods were noted.

Keywords: foreign economic relations, import-export, international division of labor, international economic relations, productive power.