The Impact of China on Exports of Machinery and Transport Equipment from Korea to the European Union
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The rise of Chinese exports has raised concern about the possibility of reduction on exports of the other countries. However, the existing literature reveals that the surge in Chinese exports creates not only the displacement effect, but also the complementarity effect. It depends on specific industry and specific country. This article scrutinizes the impact of China on exports of machinery and transport equipment (SITC7) from Korea to the EU market. The gravity model is applied to examine 28 exporting industries at 3-digit level of commodity, using annual data during 1995 to 2015. The findings from our study show that the majority of exporting industries (64.91 per cent of exports of SITC7 products from Korea to the EU market) are not affected by the surge in Chinese exports. However, for the affected industries, the evidences indicate that the surge in Chinese exports indeed generates displacement effect on 3 industries which account for 22.33 per cent of exports of SITC7 commodities. The complementarity effect is also found in 6 industries which constitute of 7.54 per cent of SITC7 exports.
Abstract
The rise of Chinese exports has raised concern about the possibility of reduction on exports of the other countries. However, the existing literature reveals that the surge in Chinese exports creates not only the displacement effect, but also the complementarity effect. It depends on specific industry and specific country. This article scrutinizes the impact of China on exports of machinery and transport equipment (SITC7) from Korea to the EU market. The gravity model is applied to examine 28 exporting industries at 3-digit level of commodity, using annual data during 1995 to 2015. The findings from our study show that the majority of exporting industries (64.91 per cent of exports of SITC7 products from Korea to the EU market) are not affected by the surge in Chinese exports. However, for the affected industries, the evidences indicate that the surge in Chinese exports indeed generates displacement effect on 3 industries which account for 22.33 per cent of exports of SITC7 commodities. The complementarity effect is also found in 6 industries which constitute of 7.54 per cent of SITC7 exports.
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