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Journal of Rural Development

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Analysis of the Price Impact and Supply Shortage Effects of Imported Grains
Author Lee, Yonggeon
Views 2375 Publication Date 2022.06.30
Korea is vulnerable to the volatility of global grain prices, as it is highly dependent on imported grains, apart from rice. In that regard, this study analyzes the impact of changes in imported grain prices on the domestic market and the effect of supply shortages. The analysis results using the input-output tables are: a 10% hike in imported grain prices increases domestic consumer prices by 0.04%, while a 10% rise in the exchange rate raises consumer prices by 1.83%. The sector taking the hit the most is milling, followed by the starch, sugar, feed, and livestock industries. Our findings also show that the coefficient of supply shortages in imported grains is significant in wheat and coarse grains with 3.19 and soybeans with 2.13. The feed, livestock, vegetable oil, and food service industries are likely to see their production decrease in the case of supply bottlenecks in imported wheat, coarse grain, and soybeans.

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