S-Space College of Social Sciences (사회과학대학) Institute of Economics Research (경제연구소) Seoul Journal of Economics (SJE) Seoul Journal of Economics vol.33 no.1~4 (2020)
Koreas Patterns of Trade
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- Issue Date
- Seoul Journal of Economics, Vol.33 No.3, pp.333
- High Order Trade ; Republic of Korea ; Trade partners ; Sectors
- Imbs and Pauwels (2020) introduce a measure of openness based on indirect trade. This paper illustrates the differences in the Korean patterns of trade when openness is measured using conventional measures based on direct trade, and when it is measured using this measure of indirect trade, labeled Export Intensity (EI). According to EI, the Republic of Korea (Korea) has been following an upward trend in openness since 2000 and even after 2010. This stands in contrast with most other large trading countries, including China and Germany. We show this is a reflection of Koreas integration with a few partner economies, most notably China. Vertical integration is considerable between Korea and China, in manufacturing and in services alike. The extent of this integration would be invisible on the basis of conventional measures of openness.
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