Korea Trade Review (무역학회지)

Korea Trade Research Association (한국무역학회)
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Changes in Exports of Korea in the COVID-19 Era

Covid-19와 한국 수출 변화 관계 분석

  • Jinwen Li (Department of International Trade, Chunghnnam National University) ;
  • Keunyeob Oh (Department of International Trade, Chunghnnam National University)
  • Received : 2022.02.12
  • Accepted : 2022.06.20
  • Published : 2022.06.30
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Abstract

The purpose of this study is to analyze how Korea's exports amount changed due to COVID-19 and what factors played a role in these changes. We analyze Korea's exports with 40 countries around the world. In analyzing the impact of COVID-19, we estimate the gravity model using international trade data for five years from 2015 to 2019 and and compare the results with those for 2020. Several factors such as mortality, quarantine intensity, industry characteristics are considered for the analysis. The following results were obtained. First, as a whole, exports of Korea decreased significantly to countries with strong containment measures. In addition, Korea's exports (increase further) or decrease less to countries with a large number of deaths and confirmed cases in importing countries. Second, these results were similar in the major industries, classified by HS two units. Exports to countries with strong containment decreased a lot while exports decreased less to the countries with severe COVID19 (based on the number of deaths or confirmed cases). Third, however, different results were obtained in the analysis of reagents and vaccines, which are detailed items directly related to COVID-19. Rather, the degree of containment does not matter for these items, and it seems that Korea exported more to countries to more severe Corona countries.

Keywords

Acknowledgement

이 논문은 대한민국 교육부와 한국연구재단의 지원을 받아 수행된 연구임 (NRF-2021S1A5B8096365)

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