• Title/Summary/Keyword: import-export

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Investigating the Interaction Between Terms of Trade and Domestic Economy: In the Case of the Korean Economy

  • Han, Yongseung;Kim, Myeong Hwan;Nam, Eun-Young
    • Journal of Korea Trade
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    • v.25 no.1
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    • pp.34-46
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    • 2021
  • Purpose - This paper aims to analyze the impact of the terms of trade, export price, and import price on the Korean economy (that is, real GDP, CPI, money market rate, and real effective exchange rate), and vice versa in the simple vector autoregression. Design/methodology - We impose two assumptions, i.e., diagonality and bloc exogeneity, to correctly identify the impact of a factor to the others in the structural equation. With two contemporaneous assumptions in the structural VAR, this paper investigates the impacts of the terms of trade on the Korean economy and vice versa. Findings - Impulse responses to the shocks in the terms of trade and Korean economy show that 1) an impact of the terms of trade on the economy is different in export prices and in import prices. A higher export price is beneficial to the economy while a higher import price hurts the economy, and 2) an increase in real effective exchange rate and in interest rate constrains domestic production and lowers consumer prices. Originality/value - Unlike the conventional perception that a depreciation of a currency would promote exports and domestic production at the price of inflation, our result shows the opposite, and 3) real GDP and consumer prices are positively correlated. That is, an increase in real GDP does not only cause inflation, but an increase in consumer prices also promote domestic production. Yet, the only difference is that export prices and import prices end up higher with an increase in real GDP, but lower with inflation.

A Strategic Considerations for Optimization of Physical Distribution in Container Terminal (컨테이너 터미널의 물류체계의 최적화를 위한 전략적 고찰)

  • Yeo, G.T.;Lee, C.Y.
    • Journal of Korean Port Research
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    • v.11 no.2
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    • pp.145-156
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    • 1997
  • The purpose in this study is development of model for the Container Terminals of Pusan Port, First of all, Quantitive and Qualititve factors are characterized which effects on Physical Distribution System in Container Terminals. The System Dynamics method is used to develope the model by using these factor. This model is able to present the timinig of investment in Container Terminals of Pusan Port. Six models are showed by change of parameters in System Dynamics, in this paper. In the model, Five feedback loop were found. Loop 1 : Number of Liners$\rightarrow$Number of Congested ships$\rightarrow$Port's Charges$\rightarrow$Export & Import Cargo Volumes$\rightarrow$Number of Liners$\rightarrow$The will to investment of government$\rightarrow$Length of berth→Number of Liners. Negative loop was acquired. Loop 2 : Port's Charge$\rightarrow$Economic of Port$\rightarrow$The will to Private management$\rightarrow$Efficiency for Port's Operation$\rightarrow$Port's Charges. Positive loop was acquired. Loop 3 : Number of Congested ships$\rightarrow$Planning for future development$\rightarrow$Information Service$\rightarrow$Support service for port's user$\rightarrow$Number of Congested ships. Negative loop was acquired. Loop 4 : Number of Congested ships$\rightarrow$Planning for future development$\rightarrow$Extent of stacking area$\rightarrow$Number of handling equipmint$\rightarrow$Number of Congested ships. Negative loop was acquired. Loop 5 : Export & Import Cargo Volumes$\rightarrow$Number of Liners$\rightarrow$Econmic of Port$\rightarrow$Support service for port's user$\rightarrow$Export & Import Cargo Volumes. Positive loop was acquired. System's level variables were selected as followings ; Number of Liners, Number of Congested ships, Export & Import Carge Volumes, Length of berth, and Port's Charges. As result of simmulation of model, fluctuation of respective year was found in level variables. This fluctuation can be used properly to present timing of investment.

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Spatial Distribution Patterns of International Physical Distribution through Clearance Depot (통관거점을 이용한 국제물류의 공간적 분포 패턴)

  • Han, Ju-Seong
    • Journal of the Economic Geographical Society of Korea
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    • v.9 no.2
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    • pp.225-242
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    • 2006
  • This study aims to analyze the spatial distribution pattern of international trade. The method is to analyze the principal components by changing interaction attribute matrix of four dimensions (hinterland, gateway, foreland and commodities) into two dimension matrix. The study area is the territory region of Cheongju clearance depot in inland. The result are as follows : Major spatial patterns of regional connections by hinterland, gateway and foreland are, in the case of exports, ten patterns and in the case of imports come to nine. Composition of major export and import commodities in Cheongju clearance depot are similar, but precision instrument manufactured commodity and nonmetal mineral are remarkable in export and mineral manufactured commodity machinery and electronic manufactured commodity are remarkable in import. Gateway are similar to export and import, but Incheon international airport is used more in the case of import. And Cheongiu international airport is used for some commodities and is remarkable as a foreland of import for the areas outside of Chungcheongbuk-do.

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Structures and Competitiveness of Softwood Products in Korean Import Market (우리나라 수입(輸入) 침엽수재(針葉樹材) 시장구조(市場構造) 및 수종별(樹種別) 경쟁력(競爭力))

  • Kim, Wae-Jung
    • Journal of the Korean Wood Science and Technology
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    • v.19 no.4
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    • pp.34-42
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    • 1991
  • Protection of tropical forest affects on significant reduce of tropical hardwood supply, and softwood resources will be increasingly important for the timber security in Korea. U.S. softwood log was most favorite species for Korean softwood log importers in overall import conditions except price stablization and consistency of export policy. Reduced export volume from Pacific Northwest to Korean market has been immediately replenished by rediata pine from New Zealand and Chilean plantation. Siberian timber will hardly play major roles in Korean timber market unless budding structure. softwood plywood and softwood furniture uses are enhanced. Recent rapid rise of labor cost and reducing tariff rrate in Korea provided better opportunities for import lumber in building materials market. Dry dimension lumber was relatively profitable when processed from import U.S. soft-wood log while green lumber was favorable products processed from radiata pine log in Korean lumber market. This means U.S. softwood lumber would have better opportunity to market for '2${\times}$'4 studs when wood frame housing is introduced. On the other hand while radiata pine is competitive on temporary construction lumber such as supporter and concrete forming frame in Korea. Shortage of raw material for the new capacity of board plants in Korea will be it bottle neck. Major log export countries to Korea as U.S. New Zealand and Chile showed high trade intensity indices of composite hoard produces for Korean market. As Korea efforts to diversify import sources, and tariffs are reduced to 8% as scheduled by 1994. countries of scoring higher comparative advantages as Portugal. Brazil, Austria as well as New Zealand will have better opportunity to penetrate into promised Korean composites hoard market.

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The Effect Analysis of Korea-Japan FTA on Fisheries Sector (한.일 FTA체결에 따른 수산부문 영향 분석)

  • Lee, Kwang-Nam;Pak, Myong-Sop
    • THE INTERNATIONAL COMMERCE & LAW REVIEW
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    • v.22
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    • pp.227-254
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    • 2004
  • This paper focuses on the analysis of effects on fisheries sector following Korea-Japan Free Trade Agreement and the results are found as follows. In terms of national competitiveness, the RCA(Revealed comparative advantage) index shows that Korea is higher than Japan in most species items. And the calculation of TSI(Trade Specialization Index) finds that Korea is export specialized while Japan import specialized, showing that Korean fisheries sector is internationally more competitive than Japan. The tariffs on the marine products should be completely scrapped between Korea and Japan, export of marine products to Japan increases a mere 2%, while import from Japan 13.5%. In terms of value, annual export to Japan stands at 20,135thousand USD, while import from Japan at 12,137thousands USD, resulting in trade balance improvement of 8,000thousand USD in total. The tariff measures above is expected to have a positive effect on the related industry of marine products such as Oyster, Conger eel, Ark shells and Laver, but those involved in fisheries of Alaska pollack, Hair tail, Sea-bream(live fish), Red horsehead(frozen), Saury are expected to be negatively affected. Given the results of analysis above, the effects of FTA on the fisheries would be advantageous to Korea as a whole, but at the same time, the advantage and disadvantage sustained differs by fishery type and marine products. To that effect, negotiation strategies and countermeasures should be made, taking the results into account.

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A Study on the Import and Export Pattern of Air Cargo between Korea and EU Member States (한·EU 회원국 간 항공운송화물 수출입 패턴 연구)

  • Choi, Yu-Jeong;Lim, Jae-Hwan;Kim, Young-Rok
    • Journal of the Korean Society for Aviation and Aeronautics
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    • v.30 no.3
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    • pp.86-91
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    • 2022
  • This study empirically analyzes the patterns of import and export of air cargo between Korea and EU member states. In order to understand the detailed characteristics of the air transport sector, the amount of trade was analyzed by dividing it into exports, imports, and trades. As a result of the analysis, in terms of exports, imports, and trade, both EU member states' GDP per capita and Korea's GDP showed positive directions, while EU member states' GDP and Korea's per capita GDP both showed negative directions. In addition, international oil prices and exchange rates, which were expected to have an effect on aviation trade, did not show significant results in this study. On the other hand, when applying the fixed-effect model, both the country area and the number of airports excluded from the analysis were analyzed as positive directions as a result of the Houseman Taylor analysis.

Effects of AEO-MRA on the Performance of Exporters and Importers in Korea

  • Kim, Chang-Bong;Chung, Il-Sok;Joo, Hye-Young
    • Journal of Korea Trade
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    • v.23 no.3
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    • pp.52-67
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    • 2019
  • Purpose - This study analyzes the effect of the authorized economic operator-mutual recognition arrangement (AEO-MRA) on the performance of Korean exporters and importers. The effect of the import-export companies' characteristics, such as annual sales, the number of foreign markets, and overseas experience, on the AEO-MRA is deduced; the relationship between this effect and firm performance is analyzed. Design/methodology - An empirical research model was constructed and analyzed using structural equation modeling. The effect of AEO-MRA on logistics and operational performance was derived from the aforementioned characteristics as leading factors of the AEO-MRA. The regulatory influence of cooperation with logistics companies was analyzed in the AEO-MRA effect on logistics performance. Thus, 172 valid samples were obtained from import-export companies certified by the AEO-MRA. Findings - Among the aforementioned characteristics, only "annual sales" has a positive effect on the AEO-MRA, whose effect enhances logistics and operational performances. The AEO-MRA effect did not directly affect operational performance. Owing to the adjustment effect analysis, the AEO-MRA effect and logistics performance relationship is strengthened if the cooperative relationship with the logistics company is higher than a certain level. If this cooperation falls below a certain level, the AEO-MRA effect on logistics performance reduces. Thus, logistics cooperation is an important factor in the AEO-MRA effect and logistics performance relationship. Originality/value - Hinging on the resource-based theory and relational viewpoint, an empirical model that explains the relationship between the AEO-MRA effect and firm performance is established.

Operating Plans in Grain Terminal for the Export of Grain - with a Focus on Busan - (쌀 수출을 위한 국내 양곡부두운영현황에 관한 연구 - 부산지역 중심 -)

  • CHO, Gyu-Sung
    • Journal of Fisheries and Marine Sciences Education
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    • v.27 no.4
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    • pp.1118-1128
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    • 2015
  • In the midst of the advancement of global economic trade restrictions, the internationalization of domestic agriculture, which has occurred at a time of crisis in the industry, has presented an opportunity for Korea's agricultural products to be exported overseas. In particular, from 2015, after favorable outlooks for Korean rice, it is expected that the domestic agricultural industry is in a strong position to play a major role in export markets. Due to this, among existing measures targeting the import of rice, increasing domestic measures to boost rice exports and establish an effective operating plan are being pursued. However, until now, appropriate measures targeting domestic rice markets have not been found. In addition, domestic grain piers, which are currently used exclusively for the import of grain, do not have sufficient capacity to handle export operations. Therefore this paper will examine the current status of domestic grain piers, and will suggest a operating plan in grain terminal for the export of grain in order to successfully bring domestically produced rice to foreign markets. The conclusions drawn from this paper are designed to be used as a basic application for the operational plan of grain piers for the purpose of increasing domestic rice exports.

Currency Valuation, Export Competitiveness, and Firm Profitability: Evidence from Bangladeshi Firm-Level Data

  • CHOI, Sunghee
    • The Journal of Asian Finance, Economics and Business
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    • v.8 no.1
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    • pp.61-69
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    • 2021
  • The aim of this paper is to empirically investigate whether and how domestic currency valuation is related to firm-level export competitiveness and profitability by using the unique firm-specific dataset on Bangladeshi nonfinancial firms which have been listed continuously from 2010 to 2018. To achieve the aim of this paper, 63 exporting firms are extracted from a total of 125 firms which have been continuously listed during 2010-2018 and used as the final sample firms. The Pedroni cointegration test reveals that export and import prices of the exporting firms are cointegrated in the short-run as well as long-run. The panel dynamic ordinary least square (DOLS) analysis finds that a firm's export competitiveness is maintained by high import inputs even in the presence of depreciation of Bangladeshi currency against the US dollar. Finally, the DuPont analysis finds that the depreciated Bangladeshi currency enhances an exporter's profitability. Conclusions based on the findings are consistent regardless of exchange rate types, such as, real bilateral exchange rate and nominal or real effective exchange rate indexes. Consequently, the firm-level findings of this investigation suggest that undervalution of home currency is essential for Bangaldesh which is one of the frontier markets in South Asia whose exporting firms are mostly price followers in global markets.

The Impact of Crude Oil Prices on Macroeconomic Factors in Korea

  • Yoon, Il-Hyun
    • Asia-Pacific Journal of Business
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    • v.13 no.2
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    • pp.39-50
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    • 2022
  • Purpose - The purpose of this study is to examine how Korea's macroeconomic factors, such as GDP, CPI, Export, Import, Unemployment rate and USD/KRW exchange rate, are affected by the oil price shocks. Design/methodology/approach - This study used monthly and quarterly time-series data of each variable for the period 1983 to 2022, consisting of two sub-periods, to employ Granger causality test and GARCH method in order to identify the role of the oil price movement in macroeconomic factors in Korea. Findings - Korea's currency rate to the US dollar is negatively correlated with the price change of crude oil while the GDP change is positively correlated with the price change of crude oil with strong relationship between Export and Import in particular. The exchange rate and GDP growth are believed to be not correlated with the oil price change for the pre-GFC period. According to the Granger causality test, the price change in crude oil has a causal impact on CPI, Export and Import while other factors are relatively slightly affected. Transmission effect from the oil price to Export is found and there also exists volatility spillover from oil price to economic variables under examination. Comparing two sub-periods, CPI and Export volatility responds negatively to shocks in the oil price for the pre-GFC period while volatility of CPI and Unemployment reacts positively to the oil price shocks for the post-GFC period. Research implications or Originality - The findings of this study could be helpful for both domestic and international investors to build their portfolio for the risk management since rising WTI price can be interpreted as a result of global economic growth and ensuing increase in the worldwide demand of the crude oil. Consequently, the national output is expected to increase and the currency is also expected to be strong in the long run.