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- 저자 : 송명구(Song Myungkoo) (검색결과 1 건)
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송명구(Song Myungkoo),안소현,이임자,박상수,양주영 산업연구원 2021 연구보고서 Vol.- No.-
The structure of international trade has become one of the determinants of the competitiveness of manufacturing industries as globalization has progressed. Internationally-connected networks provide benefits to consumers and firms through comparative advantage. However, an unprecedented shock such as the COVID-19 and international trade disputes exemplified by the US-China trade have highlighted the shortcomings of internationally-connected networks. These changes in the global economic environment have led several countries to reshape their international economic policies. Considering the trends in trade reform, it has become crucial to assess the impact of import structure on industry competitiveness. This paper studies the impact of import competition on firm profitability measured by price-cost margins in manufacturing firms in South Korea. Based on firm-level data from ten major manufacturing industries, we find that import penetration itself does not have a significant effect on firms price-cost margins. However, decomposing import penetration leads to different outcomes. Import penetration from low wage countries has a negative impact on firm profitability, which is statistically significant. On the other hand, exposure to imports from high-wage countries affects the price-cost margin not only significantly but also positively. In addition, the degree and statistical significance of the effects varies by firm size. These results imply that there is a notable difference in participating market depending on firm size. Specifically, smaller(larger) companies tend to compete in markets where products originate predominantly from low-wage(highwage) countries. Moreover, import penetration in upstream sectors meaningfully affects the share of the cost of raw material in the total output of its downstream industries. These results suggest that policymakers need to consider exposure to trade when evaluating or establishing policies to enhance industrial competitiveness. Monitoring and constantly updating the current status of global value chains and the composition of domestic industry will also help the government to timely and effectively deal with international geopolitical issues.
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