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Exporters' Market Power In Agricultural Import Markets In Korea

Author

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  • Yang, Seung-Ryong
  • Lee, Won-Jin

Abstract

Korea relies more than 70 percent of food supply on a limited number of exporting counties. If the suppliers possess market power, the food security matters. This study tested whether the major exporting countries of corn and wheat have power of determining market prices and enjoy oligopolistic profit in Korea. The empirical results indicate that Korea shows a high degree of import loyalty toward U.S. products. It is evident that the U.S. and Australia have market power in the wheat market, while no distinct power is detected in the corn market. The result for the corn market seems to reflect the severe price competition between the two major exporters, the U.S. and China. It is also shown that the launch of the WTO does not significantly change the structure of market power in the markets considered.

Suggested Citation

  • Yang, Seung-Ryong & Lee, Won-Jin, 2001. "Exporters' Market Power In Agricultural Import Markets In Korea," 2001 Annual meeting, August 5-8, Chicago, IL 20439, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea01:20439
    DOI: 10.22004/ag.econ.20439
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    Cited by:

    1. Yamaura Koichi & Xia Tian, 2016. "Measuring Bilateral Market Power in International Markets of Vertically Differentiated Agricultural Commodities," Journal of Agricultural & Food Industrial Organization, De Gruyter, vol. 14(1), pages 33-42, May.
    2. Gafarova, Gulmira & Perekhozhuk, Oleksandr & Glauben, Thomas, 2013. "Pricing Behaviour Of Kazakh, Russian And Ukrainian Exporters In The International Wheat Market," International Conference and Young Researchers Forum - Natural Resource Use in Central Asia: Institutional Challenges and the Contribution of Capacity Building 159101, University of Giessen (JLU Giessen), Center for International Development and Environmental Research.
    3. Celal Tasdogan & Efthimia Tsakiridou & Konstantinos Mattas, 2005. "Country Market Power in EU Olive Oil Trade," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 3(2), pages 211-219.

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    Keywords

    International Relations/Trade;

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