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Compilation Methods of Satellite Accounts for the Evaluation of Industrial Linkages of Ocean Shipping Industry in Korea
Report No. 2013-03 Research Manager Ko Byung Wook
File


Compilation Methods of Satellite Accounts for the Evaluation of Industrial Linkages of Ocean Shipping Industry in Korea


1. Purpose
○ This study aims to present compilation methods to produce satellite accounts of input and output (I/O) table for the evaluation of forward effect of the Korea ocean shipping industry. 
-The study used cases in 2011 to establish satellite accounts for ocean shipping industry. 


2. Methodologies and Feature
1) Methodologies
○ It reviewed six kinds of manuals on national accounts and I/O tables issued by the UN, the IMF, the World Bank, the European Commission, Eurostat, OECD and WTO.
-It also referred to the four publications of the Bank of Korea (BOK).
○ The study estimated satellite accounts for ocean shipping industry in 2011 by analyzing the information from export and import declarations to the Korea Customs Service.
○ It also conducted research on actual industrial condition and interviewed experts.
2) Feature
○ This study presented an alternative statistics production method for more accurate evaluation of forward effect of ocean shipping industry. 
-For that reason, it extensively reviewed the conventional statistics production methodologies. 
- It also estimated satellite accounts of ocean shipping industry based on real data.


3. Results
1) Summary
○ The current I/O table of BOK failed to record economic values of ocean shipping service for the export and import of each industry.
-This is because the international standard guidelines, the foundation for statistics production at BOK, do not recommend recording economic values of ocean shipping industry in the endogenous part of I/O table. There are two reasons.
- First, ocean shipping industry service is provided out of national borders. Therefore, it cannot be the endogenous part of I/O table which shows inter-industry activities within national borders. 
- Second, basic price of imported goods is C. I. F. (Cost, Insurance and Freight) one. If economic value of ocean shipping service is recorded separately, double counting problem occurs. 
○ The study reviewed foreign cases related with satellite accounts of ocean shipping industry and found that multiple alternative methodologies are adopted owing to the similar reason with that of this study.
- In case of the U.S., import use table includes information on international transportation costs.
-The U.S. is compiling satellite accounts to accurately evaluate contribution of transportation industry to national economy.  
- In the World Input Output Table (WIOT), for the case that a certain nation provides shipping service to certain industries of trading partners, economic value of that service is calculated.
○ By large, there are three data collection methods for producing satellite accounts for ocean shipping industry. 
- As for availability of data, efficiency in survey and data collection process, accuracy of data collection results, the optimal method is to use the information of customs declaration.

○ The economic value of ocean shipping service provided for export/import cargo transportation in Korea is estimated as follows;
-KRW 15 trillion worth ocean shipping service is provided to transport KRW 469 trillion worth (F.O B prices) export cargoes (3.3%).
-KRW 10 trillion worth ocean shipping service is provided to transport KRW 458 trillion worth (C.I.F prices) import cargoes (2.3%).
○ The economic value of ocean shipping services used by each industry is calculated based on import transaction I/O table of BOK as well as data on economic value of ocean shipping service used for export and import cargo transportation. Afterwards, satellite accounts for ocean shipping industry-which are estimated at producers’ price- are compiled.

2) Policy contribution
○ The study can be used to more accurately understand national economic contribution of ocean shipping industry, helping to preparing long-term development plans for the shipping industry.
-It can be used for investment and business planning by shipping companies.

3) Expected benefits
○ The study helps various economic analyses to become more elaborate. 
- For example, more detailed analysis can be done on price effects of rising seaborne logistics cost.
○ Particularly, some information was lost in analyses on system risks and effects of supply shortage which occurred when export and import transportation service could not be provided. This study resolved this problem, making more accurate analyses possible. 

Research Project Report 상세보기
Compilation Methods of Satellite Accounts for the Evaluation of Industrial Linkages of Ocean Shipping Industry in Korea
Report No. 2013-03 Research Manager Ko Byung Wook
File


Compilation Methods of Satellite Accounts for the Evaluation of Industrial Linkages of Ocean Shipping Industry in Korea


1. Purpose
○ This study aims to present compilation methods to produce satellite accounts of input and output (I/O) table for the evaluation of forward effect of the Korea ocean shipping industry. 
-The study used cases in 2011 to establish satellite accounts for ocean shipping industry. 


2. Methodologies and Feature
1) Methodologies
○ It reviewed six kinds of manuals on national accounts and I/O tables issued by the UN, the IMF, the World Bank, the European Commission, Eurostat, OECD and WTO.
-It also referred to the four publications of the Bank of Korea (BOK).
○ The study estimated satellite accounts for ocean shipping industry in 2011 by analyzing the information from export and import declarations to the Korea Customs Service.
○ It also conducted research on actual industrial condition and interviewed experts.
2) Feature
○ This study presented an alternative statistics production method for more accurate evaluation of forward effect of ocean shipping industry. 
-For that reason, it extensively reviewed the conventional statistics production methodologies. 
- It also estimated satellite accounts of ocean shipping industry based on real data.


3. Results
1) Summary
○ The current I/O table of BOK failed to record economic values of ocean shipping service for the export and import of each industry.
-This is because the international standard guidelines, the foundation for statistics production at BOK, do not recommend recording economic values of ocean shipping industry in the endogenous part of I/O table. There are two reasons.
- First, ocean shipping industry service is provided out of national borders. Therefore, it cannot be the endogenous part of I/O table which shows inter-industry activities within national borders. 
- Second, basic price of imported goods is C. I. F. (Cost, Insurance and Freight) one. If economic value of ocean shipping service is recorded separately, double counting problem occurs. 
○ The study reviewed foreign cases related with satellite accounts of ocean shipping industry and found that multiple alternative methodologies are adopted owing to the similar reason with that of this study.
- In case of the U.S., import use table includes information on international transportation costs.
-The U.S. is compiling satellite accounts to accurately evaluate contribution of transportation industry to national economy.  
- In the World Input Output Table (WIOT), for the case that a certain nation provides shipping service to certain industries of trading partners, economic value of that service is calculated.
○ By large, there are three data collection methods for producing satellite accounts for ocean shipping industry. 
- As for availability of data, efficiency in survey and data collection process, accuracy of data collection results, the optimal method is to use the information of customs declaration.

○ The economic value of ocean shipping service provided for export/import cargo transportation in Korea is estimated as follows;
-KRW 15 trillion worth ocean shipping service is provided to transport KRW 469 trillion worth (F.O B prices) export cargoes (3.3%).
-KRW 10 trillion worth ocean shipping service is provided to transport KRW 458 trillion worth (C.I.F prices) import cargoes (2.3%).
○ The economic value of ocean shipping services used by each industry is calculated based on import transaction I/O table of BOK as well as data on economic value of ocean shipping service used for export and import cargo transportation. Afterwards, satellite accounts for ocean shipping industry-which are estimated at producers’ price- are compiled.

2) Policy contribution
○ The study can be used to more accurately understand national economic contribution of ocean shipping industry, helping to preparing long-term development plans for the shipping industry.
-It can be used for investment and business planning by shipping companies.

3) Expected benefits
○ The study helps various economic analyses to become more elaborate. 
- For example, more detailed analysis can be done on price effects of rising seaborne logistics cost.
○ Particularly, some information was lost in analyses on system risks and effects of supply shortage which occurred when export and import transportation service could not be provided. This study resolved this problem, making more accurate analyses possible. 

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