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The Effects of Outward FDI to the EU on Korea's Trade

Purpose - Existing studies on the relationship between FDI from home countries and their trade present contradictory analysis results. Against this backdrop, this study attempts to answer the question of how Korea's FDI to the EU has affected Korea’s trade. 
Design/Methodology/Approach - Excluding seven countries in which Korea’s outward FDI has been almost zero, this study constructs the panel dataset from 2000 to 2021 for 21 European countries and analyzes the relationship between outward FDI and trade (export and import) using Pooled OLS, Random Effect, and GLS (Generalized Least Square). 
Findings - FDI shows a statistically significant positive (+) value, indicating that Korea's FDI to the 21 European countries increased Korea's exports. However, the relationship between FDI and imports could not be clearly determined due to the lack of statistical significance for imports. Contrary to what was expected, the FTA shows a statistically negative sign, which seems to reflect the reality that it is still recording a trade deficit with the EU, even though it has been 11 years since it entered into force. 
Research Implications - Considering that Korea's FDI to the EU has a positive effect on exports, it is necessary to establish a strategy to strengthen the complementarity of FDI and trade. If Korea's exports are continuously expanded through FDI, production and employment will increase accordingly, creating a virtuous cycle that can increase FDI and trade.