Examination of Trade Imbalance between Korea and Mexico from Global Value Chain Perspective
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This paper analyzes the long-standing trade imbalance between Korea and Mexico based on Global Value Chain (GVC) perspective comparing to gross exports. By decomposing gross exports into 16 value-added terms with OECD Trade in Value-Added database, it figures out various features about trade relation between them. First, it is reasonable for Mexico to be dissatisfied because Korea had never recorded a trade deficit in terms of the GVC from 1995 to 2018. Second, the value-added that Korea actually obtained from trade was smaller than in terms of gross exports. Third, Mexico benefited more in terms of efficiency of trade, as the share of value-added in gross exports was larger than Korea. Fourth, the manufacturing industry was the most influential factor that caused the overall trade imbalance, while the bilateral trade relation in the service was the most balanced one. Finally, this paper provides implications that trade policies or strategies should be established considering not only gross exports, but also value-added.
Abstract
This paper analyzes the long-standing trade imbalance between Korea and Mexico based on Global Value Chain (GVC) perspective comparing to gross exports. By decomposing gross exports into 16 value-added terms with OECD Trade in Value-Added database, it figures out various features about trade relation between them. First, it is reasonable for Mexico to be dissatisfied because Korea had never recorded a trade deficit in terms of the GVC from 1995 to 2018. Second, the value-added that Korea actually obtained from trade was smaller than in terms of gross exports. Third, Mexico benefited more in terms of efficiency of trade, as the share of value-added in gross exports was larger than Korea. Fourth, the manufacturing industry was the most influential factor that caused the overall trade imbalance, while the bilateral trade relation in the service was the most balanced one. Finally, this paper provides implications that trade policies or strategies should be established considering not only gross exports, but also value-added.
참고문헌 (30)
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