Almost hundred days since Japan's trade curbs on S. Korea
- 5 years ago
It's been around a hundred days since Japan slapped export restrictions against South Korea.
Marking 100 days... we bring you a two-part special series on how South Korea has responded so far.
Today, our Kim Bo-kyoung takes a look at how Korean consumers have responded by boycotting Japan in all kinds of ways.
Almost one hundred days have passed since Japan imposed trade restrictions on South Korea in July… and South Korea's boycott of Japanese products is still going strong.
This street outside Gangnam station is one of the busiest streets in Seoul. But despite the number of people passing by, the inside of this Japanese brand shop looks rather quiet.
Japanese clothing brand UNIQLO saw its sales decline in July by around 70% compared to June… according to an analysis of eight credit card companies.
"Japan's trade retaliation and economic restrictions triggered me not to buy products related to Japan."
South Koreans also decided not to take vacations in Japan.
A recent report by the Korea Economic Research Institute said that only 8-hundred-and-seventy-thousand South Koreans took a trip to Japan during the summer vacation period in July and August. That's a 27 percent decrease on-year.
"As the number of Korean tourists in Japan fell during the summer vacation period, Japan saw a decrease of about 200 million U.S. dollars in indirect production. Accommodation saw the biggest decrease, followed by food services and retail."
But Japanese firms aren't the only ones feeling the effects.
According to online booking site TMON, airlines in Korea saw the number of tickets to Japan sold in August and September fall by 78 percent on year.
"As the demand for Japan tours decreased, sales and business profits of domestic airlines also dropped, eventually harming South Korea's economy."
Thus, some people are saying Seoul has to improve ties with Japan by having talks... for Seoul's own sake.
"The current economic situation isn't very good... so I wish we could talk this out, trying to pursue what's good for our nation."
As the boycott continues, the harm to both countries' economies will only increase.
Kim Bo-kyoung, Arirang News.
Marking 100 days... we bring you a two-part special series on how South Korea has responded so far.
Today, our Kim Bo-kyoung takes a look at how Korean consumers have responded by boycotting Japan in all kinds of ways.
Almost one hundred days have passed since Japan imposed trade restrictions on South Korea in July… and South Korea's boycott of Japanese products is still going strong.
This street outside Gangnam station is one of the busiest streets in Seoul. But despite the number of people passing by, the inside of this Japanese brand shop looks rather quiet.
Japanese clothing brand UNIQLO saw its sales decline in July by around 70% compared to June… according to an analysis of eight credit card companies.
"Japan's trade retaliation and economic restrictions triggered me not to buy products related to Japan."
South Koreans also decided not to take vacations in Japan.
A recent report by the Korea Economic Research Institute said that only 8-hundred-and-seventy-thousand South Koreans took a trip to Japan during the summer vacation period in July and August. That's a 27 percent decrease on-year.
"As the number of Korean tourists in Japan fell during the summer vacation period, Japan saw a decrease of about 200 million U.S. dollars in indirect production. Accommodation saw the biggest decrease, followed by food services and retail."
But Japanese firms aren't the only ones feeling the effects.
According to online booking site TMON, airlines in Korea saw the number of tickets to Japan sold in August and September fall by 78 percent on year.
"As the demand for Japan tours decreased, sales and business profits of domestic airlines also dropped, eventually harming South Korea's economy."
Thus, some people are saying Seoul has to improve ties with Japan by having talks... for Seoul's own sake.
"The current economic situation isn't very good... so I wish we could talk this out, trying to pursue what's good for our nation."
As the boycott continues, the harm to both countries' economies will only increase.
Kim Bo-kyoung, Arirang News.