This paper quantifies the effects of both import and export varieties on a nation's terms of trade. Using the most disaggregate trade data (HS 10 digit) for South Korea over the period 1992–2015, I find that the growth in import variety caused a drop in the import price index by 2.44% per year and the growth in export variety caused a rise in the export price index by 1.46% per year. I identify that the effects of import and export varieties on the terms of trade are different due to the differences in variety change and substitutability. The conventional terms of trade that do not take into account changes in the varieties of import and export underestimated the true terms of trade by 3.9% per year. This implies that the growth of real income and productivity for the South Korean economy would be underestimated by the conventional terms of trade.

中文翻译：

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贸易品种，替代性和贸易影响条件的变化：来自韩国的证据

本文量化了进出口品种对一国贸易条件的影响。使用1992-2015年间韩国分类数据最多的贸易数据（HS 10位数），我发现进口品种的增长导致进口价格指数每年下降2.44％，而出口品种的增长导致进口价格指数每年下降2.44％。出口价格指数每年上升1.46％。我发现，由于品种变化和替代性的差异，进出口品种对贸易条件的影响是不同的。不考虑进出口品种变化的传统贸易条件每年低估了真正贸易条件3.9％。