수출송장통화관행과 환율요인 영향

Export Invoicing Currency Practices and Exchange Rate Impacts

This paper provides the intuitive insights on the pricing principles and orientations of exports, foreign currency invoicing practices and the resulting risk from exchange rate movements, the relationship between foreign currency invoicing ratio and its exchange rate, customer-oriented currency policies, and the strategic implications on foreign exchange risk management. We find that in Korea, USD has represented the overwhelming share in the export invoicing currency and this trend has become strengthened due to the customer-orientation tendencies. In addition, the local currency invoicing practices are concentrated in the export to USA, Japan, and EU. Especially, the exchange rate movements don t significantly cause foreign currency invoicing practices, SME ratio using USD in invoicing is greater than LSE(large scale enterprises) and more exposed to the foreign exchange risk. The effective and mutual beneficial negotiation strategy and methods on the pricing policy and invoicing currency choice between exporter and importer should be required.