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Assessing Changes in Dairy Product Import Demand: The Case of South Korea with Implementation of the KORUS FTA

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  • Kiethly G. Jones
  • Don Blayney

Abstract

ABSTRACT The impacts of implementing the Korea‐U.S. Free Trade Agreement (KORUS FTA) on South Korea's dairy trade are assessed in this study based on empirical estimates of short‐run and long‐run source‐based import demand parameters for three major imported dairy products. These estimates were derived using the Central Bureau of Statistics (CBS) demand system model. The impacts of the tariff reductions associated with the KORUS FTA were calculated. The results suggest that the KORUS FTA will open South Korean dairy product markets primarily by reducing import prices of international suppliers’ products. The altered import relationships among those suppliers raises overall dairy product imports into South Korea. [EconLit Classifications: F14, Q17].

Suggested Citation

  • Kiethly G. Jones & Don Blayney, 2014. "Assessing Changes in Dairy Product Import Demand: The Case of South Korea with Implementation of the KORUS FTA," Agribusiness, John Wiley & Sons, Ltd., vol. 30(1), pages 74-84, January.
    • Handle: RePEc:wly:agribz:v:30:y:2014:i:1:p:74-84
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    File URL: http://hdl.handle.net/10.1002/agr.21370
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    Cited by:

    1. Walters, Lurleen M. & Harvey, David & Jones, Keithly G., 2015. "To Have or Not to Have the Common External Tariff: The CARICOM Countries Conundrum," International Food and Agribusiness Management Review, International Food and Agribusiness Management Association, vol. 18(A), pages 1-18, July.
    2. Rodrigo Garc?a Arancibia, 2019. "Import Demand for Dairy Products in Chile and Competition among Exporting Countries: The Case of Milk Powder and Cheese," Economia agro-alimentare, FrancoAngeli Editore, vol. 21(1), pages 101-128.
    3. Ahmed, Wasim & Hussain, Safdar & Jafar, Rana Muhammad Sohail & Guang-Ju, Wang & Rabnawaz, Ambar & Saqib, Zulkaif Ahmed & JianZhou, Yang, 2016. "Impacts of Trade Liberalization on Dairy Industry in China," MPRA Paper 70385, University Library of Munich, Germany.
    4. Heng, Yan & House, Lisa A., 2017. "Do U.S. Suppliers Benefit from South Korea-U.S. Free Trade Agreement? The Case of Orange Juice," 2017 Annual Meeting, July 30-August 1, Chicago, Illinois 258396, Agricultural and Applied Economics Association.

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