• Title, Summary, Keyword: imports

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The Effect on Dairy Industry of FTA and the Raw Milk Demand and Supply Outlook (FTA가 유가공업에 미치는 영향과 원유 수급 전망)

  • Shin, Seung-Youll;Kim, Hyun-Joong;Choi, Sei-Kyun
    • Journal of Dairy Science and Biotechnology
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    • v.22 no.2
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    • pp.131-141
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    • 2004
  • The FTA(Free Trade Agreements) are loading the world trade liberalization. Entering into FTA with Chile on 1 Apr 2004, Korea is trying to tie with Singapore and Japan in FTA. It also has a long-term plan for free-trading with China, USA, ASEAN, Canada and India. The portion of the dairy products imported from Chile, Japan and Singapore is under 1% of total dairy product imports. However, in the long run the conclusion of FTA with dairy product exporting countries such as USA, Australia, New Zealand and Netherlands will give a big impact on the dairy industry with abrupt increment in dairy product imports. Especially, whole and skim milk powder imports which are imported on the high tariff rate expect to increase. Furthermore mixed milk powder(Food preparations of goods and other whey powders) imports which domestic price is higher than world market also will dramatically increase. The milk powder stocks have increased since 2002. That made the government carry out some policies. Those include slaughtering milking cow(2002) and terminating the dairy farm enterprise and decreasing in milk production(2003). Also the case of artificial insemination by a Hanwoo fertilized egg has increased with the rise of Hanwoo farm price in 2003. By those reason, it is forecasted that the downward trend in the number of cow will be continued in 2004. It is also forecasted that the raw milk production in 2004 will decrease 4.4% compared to last year due to decreasing in the number of milking cow and raw milk collecting quota.

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An Effects of Education Expenditures on the Economic Growth (교육비 지출이 성장에 미치는 영향에 관한 연구)

  • Cho, Woo Sung;Choi, Hyuk-Jun
    • International Commerce and Information Review
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    • v.16 no.2
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    • pp.185-198
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    • 2014
  • The purpose of this paper is to examine a causal relationship and interaction among payment of education expenses, economic growth, imports and exports. The results of 'the Granger causality test' suggest that payment of education expenses are affected by imports and exports; and the other factors are not related. In addition, payment of education expenses and the relationship among variables confirmed by IRF show that payment of education expenses has a minus(-) effect on exports at the beginning and then it turns into plus(+) as a certain time passes. On the other hand, it has a minus(-) effect on imports at the beginning, and this gradually changes to zero(0). Lastly, it turns out that it has a plus(+) effect on GDP. It is therefore estimated that the demand for high-quality manpower is expected to grow and new investments for education to rise with increases in imports and exports with initial acceleration. The findings show that government education investment in foreign languages and research manpower must take precedence in order to meet the demand for high-quality manpower.

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An Estimation of Price Elasticities of Import Demand and Export Supply Functions Derived from an Integrated Production Model (생산모형(生産模型)을 이용(利用)한 수출(輸出)·수입함수(輸入函數)의 가격탄성치(價格彈性値) 추정(推定))

  • Lee, Hong-gue
    • KDI Journal of Economic Policy
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    • v.12 no.4
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    • pp.47-69
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    • 1990
  • Using an aggregator model, we look into the possibilities for substitution between Korea's exports, imports, domestic sales and domestic inputs (particularly labor), and substitution between disaggregated export and import components. Our approach heavily draws on an economy-wide GNP function that is similar to Samuelson's, modeling trade functions as derived from an integrated production system. Under the condition of homotheticity and weak separability, the GNP function would facilitate consistent aggregation that retains certain properties of the production structure. It would also be useful for a two-stage optimization process that enables us to obtain not only the net output price elasticities of the first-level aggregator functions, but also those of the second-level individual components of exports and imports. For the implementation of the model, we apply the Symmetric Generalized McFadden (SGM) function developed by Diewert and Wales to both stages of estimation. The first stage of the estimation procedure is to estimate the unit quantity equations of the second-level exports and imports that comprise four components each. The parameter estimates obtained in the first stage are utilized in the derivation of instrumental variables for the aggregate export and import prices being employed in the upper model. In the second stage, the net output supply equations derived from the GNP function are used in the estimation of the price elasticities of the first-level variables: exports, imports, domestic sales and labor. With these estimates in hand, we can come up with various elasticities of both the net output supply functions and the individual components of exports and imports. At the aggregate level (first-level), exports appear to be substitutable with domestic sales, while labor is complementary with imports. An increase in the price of exports would reduce the amount of the domestic sales supply, and a decrease in the wage rate would boost the demand for imports. On the other hand, labor and imports are complementary with exports and domestic sales in the input-output structure. At the disaggregate level (second-level), the price elasticities of the export and import components obtained indicate that both substitution and complement possibilities exist between them. Although these elasticities are interesting in their own right, they would be more usefully applied as inputs to the computational general equilibrium model.

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Factors affecting consumers' preferences for US beef

  • Yoo, Jeongho;Kim, Sounghun;Yoo, Juyoung
    • Korean Journal of Agricultural Science
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    • v.45 no.4
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    • pp.905-916
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    • 2018
  • The purpose of this study was to analyze factors affecting US beef consumption intention in the future, to identify the causes of US beef import growth and to derive implications and strategies for domestic beef producers. Since the KORUS FTA was signed in 2012, US beef imports in 2017 totaled 379,064 tons, an annual increase of 3.5 percent. US beef imports have been steadily increasing due to cuts in FTA tariffs and changes in consumer preferences. The data used in this study utilized a sample of 3,290 grocery purchasers from the Korea Rural Economic Institute's 2016 Food Consumption Behavior Survey. The analytical method used the Ordered Logit Model to analyze what factors influence a consumer's subjective evaluation. As a result, the major factors affecting US beef consumption intention in the future are price, taste and safety. In particular, it has to do with the recent surge in U.S. imports of good-tasting chilled meat. Because chilled meat does not differentiate the market from Hanwoo beef produced in Korea, it is necessary to have differentiated taste and low price through cost reduction. By age and family group, people aged 30 - 40 years and single-person households are the main consumption group. As a result of this study, it is necessary to establish marketing strategies for producers such as rational pricing, safety, taste promotion, and small-scale sales to extend the demand for Hanwoo beef in the younger generation to enhance the competitiveness of the domestic beef market.

Recent Economic Crises and Foreign Trade in Major ASEAN Countries (최근 경제위기들과 ASEAN 주요국의 무역)

  • Won, Yongkul
    • The Southeast Asian review
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    • v.20 no.3
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    • pp.41-64
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    • 2010
  • The recent global financial crisis triggered by the sub-prime mortgage debacle in the United States hit hard most ASEAN countries that have just recovered from the unprecedented economic crisis ten years ago. This paper, using individual time-series and panel data from 1990 to 2009, intends to investigate and compare the impacts of the two aforementioned economic crises on trade in the four developing ASEAN countries that encompass Indonesia, Malaysia, the Philippines and Thailand. In doing so, the paper traces the behaviors of main macroeconomic variables before and after the crises on graphs, and then estimates classical export and import demand functions that include real exchange rate, home and foreign GDPs as explanatory variables. In the estimation functions, two dummy variables are added to consider the effects of the two economic crises separately. Individual country data analyses reveal that by and large the 1997 economic crisis seems hit those ASEAN countries' exports and imports harder than the recent global financial crisis. Surprisingly the recent financial crisis turns out more or less statistically insignificant for those countries' export and import performances. The fixed effect model estimation using panel data of those four ASEAN countries also shows that the 1997 economic crisis had affected exports and imports of those countries negatively while the recent global financial crisis was not statistically significant. These results indicate that overall the effect from the 1997 crisis was more devastating than that of the recent global crisis for those ASEAN countries.

Determinants of Trade Flows and Trade Structure between Korea and ASEAN

  • Truong, Hoan Quang;Dong, Chung Van;Nguyen, Hoang Huy
    • East Asian Economic Review
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    • v.23 no.1
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    • pp.55-88
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    • 2019
  • Our paper contributes to existing literature by empirically investigate the trade structure and trade performance between Korea and ASEAN. Overall, trade activities between Korea and almost major ASEAN economies have significantly focused on capital goods, medium and high technology goods, while the remaining ASEAN countries' exports over Korea have been mainly primary and low technology goods. There has been a higher complementarity in between Korea's exports and ASEAN's imports compared with between ASEAN's exports and Korea's imports. Estimation results show that ASEAN's GDP and income have larger impacts than those of Korea on aggregate trade flows as well as sectoral level between two sides. Additionally, geographical conditions are critical factors impeding Korea-ASEAN trade. Meanwhile, other factors in the estimation model have mixed impacts on components of Korea-ASEAN trade structure. Finally, there is a significant room for Korea's trade expansion with ASEAN, particularly new and less developed members in future.

Improving Forecasting Performance for Onion and Garlic Prices (양파와 마늘가격 예측모형의 예측력 고도화 방안)

  • Ha, Ji-Hee;Seo, Sang-Taek;Kim, Seon-Woong
    • Journal of Korean Society of Rural Planning
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    • v.25 no.4
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    • pp.109-117
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    • 2019
  • The purpose of this study is to present a time series model of onion and garlic prices. After considering the various time series models, we calculated the appropriate time series models for each item and then selected the model with the minimized error rate by reflecting the monthly dummy variables and import data. Also, we examined whether the predictive power improves when we combine the predictions of the Korea Rural Economic Institute with the predictions of time series models. As a result, onion prices were identified as ARMGARCH and garlic prices as ARXM. Monthly dummy variables were statistically significant for onion in May and garlic in June. Garlic imports were statistically significant as a result of adding imports as exogenous variables. This study is expected to help improve the forecasting model by suggesting a method to minimize the price forecasting error rate in the case of the unstable supply and demand of onion and garlic.