COVID19 pandemic requires many countries, including Korea, to adopt a new approach to solve the supply chain problem. One of the most important strategies for Korea in the recent rapidly changing trade environment is building a stable supply chain in the core strategic field. In that context, Korea is implementing two important strategies. One is to reduce Korean companies’ dependence on China, a major economic partner, and the other is to deepen economic relations with major countries to build supply chains.Under the trend of technological competition and supply chain reorganization arising from the U.S.-China conflict, it is necessary to anticipate changes in GVC and come up with countermeasures. 
   
Conflict between the U.S. and China is a main factor that limit the movement of products, technology, and resources on GVC, leading  to weakening of GVC. Weakening GVC and restrictions on free trade due to the U.S.-China conflict are also a major threat to Korea. This study predicts the impact of the US-China supply chain reorganization on Korea and future GVC changes after COVID-19, and derives policy implications for Korea. The purpose of this study is to identify changes in trade patterns between Korea, China, U.S. in industries or items subject to the U.S.-China conflict from a global value chain perspective and to seek countermeasures on our industries.

The main content of the study is to analyze trade trends in the four major industries before and after the COVID19 pandemic. The production network of industries and items subject to supply chain reorganization is analyzed from the perspective of the value chain. In particular, the changes in trade patterns and GVC effects of these industries are identified, and the impact on Korean industries is analyzed from various aspects. In addition, the possibility of structural changes in GVC due to the U.S.-China conflict is discussed through various factors and issues. It identifies the impact on trade and industry through a survey of companies included in the four major industries. 

Survey results are utilized to establish countermeasures. We also analyze the impact on corporate performance caused by changes in supply chain management empirically. It presents explicit results on how supply chain management by industry affects corporate performance, focusing on the four major industries closely related to supply chain management.  As a result of investigating the types that companies are considering in relation to the reorganization of the supply chain, 89.8% of companies said they would “keep their domestic or overseas 
production facilities as they are.” According to the survey results, more than half of the companies answered that they were negatively affected in the export sector when there are changes in the supply chain. Only 1.4% of the companies said they were preparing countermeasures to cope with the reorganization of the supply chain, indicating that most of the companies had no countermeasures for the reorganization of the supply chain. As a result of evaluating the effectiveness of policy measures, the proportion of positive responses in most items exceeded 80%. When evaluating the effectiveness of measures to strengthen the competitiveness of companies, the proportion of positive responses in most items was quite high. 

Looking at the analysis results of the effect of supply chain management on corporate performance, it was confirmed that the management of supply chain had a positive effect on corporate performance in the mineral industry. It can be seen that the impact of the supply chain on corporate performance after COVID-19 still has a positive effect, but the magnitude of the impact decreases significantly. In the semiconductor industry, supply chain management was found to have a positive effect on corporate performance. Overall, results similar to those of the mineral industry were obtained. In the case of drugs, it was found that the effect of supply chain management had a positive effect only before COVID19 period, but no effect afterwards. It was confirmed that battery supply chain management had a positive effect on corporate performance. However, it was found that the influence of the supply chain was relatively small in 2019~2020