Identifying Trade Structure and Macroeconomic Caveats: The Post‐crisis of Korea

First, this article introduces unit value box in addition to Azhar, Elliott and Milner's industry trade box in identifying the post‐crisis trade structure of Korea. Dynamic movements of total trade, net trade, intra‐industry trade and export‐import unit values complete the systematic analysis of trade patterns at both the aggregate and disaggregate levels. Second, macroeconomic caveats are conveyed for a small open economy to recover after the crisis, including likely but unforeseen trade disputes.