| GDP (Fe) | Partner country GDP | 3.28**(0.00) | -2.26*(0,02) | -1.77(0.08) | -1.66(0.10) | -1.17(0.24) | -1.08(0.28) | -1.10(0.28) | -1.10(0.28) | -1.10(0.28) | -1.10(0.28) |
| Partner country GDP per capita | 4.79**(0.00) | 5.39**(0.00) | -2.78**(0,00) | -2.78**(0,00) | -2.99**(0.00) | -2.97**(0.00) | -3.06**(0.00) | -3.06**(0.00) | -3.06**(0.00) | -3.06**(0.00) |
| Korea GDP | | 2.41**(0.01) | 2.00*(0.05) | 1.78(0.08) | 1.27(0.21) | 1.14(0.25) | 1.15(0.25) | 1.15(0.25) | 1.15(0.25) | 1.15(0.25) |
| Korea GDP per capita | | | 3.12**(0.00) | 3.12**(0.00) | 3.41**(0.00) | 3.39**(0.00) | 3.72**(0.00) | 3.72**(0.00) | 3.72**(0.00) | 3.72**(0.00) |
| Economic Indicators | Korea exchange rate | | | | 0.88(0.38) | 0.25(0.80) | 0.38(0.70) | 0.27(0.79) | 0.27(0.79) | 0.27(0.79) | 0.27(0.79) |
| Partner country exchange rate | | | | | 2.19*(0.03) | 1.69(0.09) | 1.74(0.08) | 1.74(0.08) | 1.74(0.08) | 1.74(0.08) |
| International oil prices | | | | | | -0.32(0.75) | -0.02(0.98) | -0.02(0.98) | -0.02(0.98) | -0.02(0.98) |
| Gravity Model (Re) | Flight distance | | | | | | | -2.36*(0.02) | -2.36*(0.02) | -2.36*(0.02) | -2.36*(0.02) |
| Partner country population | | | | | | | | -1.23(0.22) | -1.23(0.22) | -1.23(0.22) |
| Partner country area | | | | | | | | | -0.90(0.36) | -0.90(0.36) |
| Number of airports in partner country | | | | | | | | | | 2.35**(0.01) |