Variables

Symbols

Palm oil

Rapeseed oil

Soybean oil

Sunflower seed oil

Exporter’s GDP

ln GDP_it

0.227^***

(4.44)

0.449^***

(12.46)

0.0620

(1.30)

0.134^**

(2.10)

Importer’s GDP

ln GDP_jt

0.420^***

(17.23)

0.847^***

(30.40)

0.465^***

(21.67)

0.452^***

(19.76)

Distance

ln DIS_ij

−0.119^**

(−2.14)

−1.051^***

(−27.57)

0.317^***

(4.21)

−1.265^***

(−33.76)

Income differences

ln INC_ijt

−0.188^***

(−15.82)

−0.00822

(−0.56)

−0.105^***

(−15.30)

−0.130^***

(−11.44)

Exchange rate

ln RATE_ijt

−0.000261

(−0.01)

0.0282

(1.21)

−0.00273

(−0.28)

0.00395

(0.31)

Oilseed trade

ln SEED_ijt

0.162^***

(4.02)

0.479^***

(11.87)

0.360^***

(8.42)

0.312^***

(6.75)

Mutual FTA membership

FTA_ijt

0.571^***

(3.19)

0.194^***

(2.65)

0.154^**

(2.53)

−1.288^***

(−14.23)

Language similarity

LANG_ij

0.273^*

(1.71)

0.159^**

(2.08)

0.494^***

(8.10)

−0.0840

(−1.02)

Colonial heritage

COL_ij

1.105^***

(4.92)

−1.096^***

(−4.07)

−1.931^***

(−12.64)

0.121

(0.67)

Common border

BOR_ij

−0.0602

(−0.38)

1.024^***

(14.14)

1.249^***

(12.91)

0.0405

(0.49)

constant

−1.515

(−1.43)

−23.01^***

(−19.38)

−7.793^***

(−7.23)

4.378^***

(7.06)

R²

0.015

0.68

0.04

0.09

Number of observations

88,480

88,480

88,480

88,480