earticle

영어

The U.S. portion in Korean export market has been drastically decreased from 30 percentin 1990 to 10.7 percent in 2012. This, however, does not mean that the U.S. market lost itsimportance relative to other markets, since both countries have not only very similar exportstructure, but Korea has a great trade balance surplus with the U.S. There are alsobehavioral differences among the main export items. This paper, hence, employs theComparative Advantages by Countries(CACs) and estimates the integrating vectors to revealthe behaviors of the seven main export items, which are the household electronicappliances, industrial devices, electronic components, wire and wireless communicationdevices, semiconductors, and computers. The panel analysis finds that the export coefficientsof CAC are not only significant but positive in both the fixed-effect and random-effectmodel. The panel cointegrating vectors, however, exhibit somewhat different results. Thepanel group fully-modified OLS shows significant and positive coefficient. while theindividual FMOLS shows the mixed results. The coefficients of six items are significant andpositive, but that of household electronic appliances is not.