한국항해항만학회지 (Journal of Navigation and Port Research)

  • 제45권2호
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  • Pages.69-74
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  • 2021
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  • 1598-5725(pISSN)
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  • 2093-8470(eISSN)
한국항해항만학회 (Korean Institute of Navigation and Port Research)
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Lead-lag Relationship between the Shipping Freight Rate and Agricultural Commodity Import Price in Korea

  • 투고 : 2021.02.21
  • 심사 : 2021.03.10
  • 발행 : 2021.04.30
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초록

This study aims to investigate the lead-lag relationship between the agricultural produce import price in Korea and the corresponding shipping freight rate. Since the Korean economy has pursued an export-driven growth strategy, mainly based on the manufacturing sector, the country has to depend on the vast majority of its agricultural produce consumption after import from foreign countries. Moreover, compared with other high-value products, transportation cost occupies a substantial share of the agricultural commodity price, resulting in changes in the shipping freight rate being a pivotal determinant of agricultural produce import. In this respect, this study explores the possible association between agricultural produce import in Korea and shipping freight rate and the lead-lag relationship. Using a monthly dataset of agricultural produce import prices and freight rates for Handysize and Panamax dry-bulkers for the period between January 2010 and November 2020, this study determines that the shipping freight rate, in general, leads the agricultural commodity price.

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과제정보

This work was supported by the 4th Maritime Port Logistics Training Project from the Ministry of Oceans and Fisheries and the Korea Maritime And Ocean University Research Fund.

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