Abstract
Purpose – This paper empirically analyzes the impact of the COVID-19 pandemic on Korea’s exports in the pharmaceutical industry, and this estimation result is compared with that of manufacturing. Moreover, to distinguish those impacts between OECD and non-OECD countries, we divide 76 countries into two groups, OECD and non-OECD countries, and compare the estimation results. Design/Methodology/Approach – We used the panel data of 76 countries and quarterly periods from the first quarter of 2020 to last quarter of 2021 for estimation. The econometric technique employed in the study is PPML (Poisson pseudo maximum likelihood). Findings – We show that the COVID-19 pandemic has positively influenced Korea’s exports in the pharmaceutical industry. Moreover, the impact turns out to be statistically more significant in non-OECD countries than OECD countries. The supplementary finding of our study is that there is no clear evidence on the linkage between COVID-19 and Korea’s exports in the manufacturing sector. Research Implications – Unlike existing papers have focused on showing the negative relationship between COVID-19 and international trade, this paper has showed the positive linkage between them.
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