South Koreans Shun Japanese Products Amid Escalating Trade War - Statistics

South Koreans Shun Japanese Products Amid Escalating Trade War - Statistics

Purchases of Japanese consumer goods have been dwindling in South Korea, with credit card spending on clothes, cosmetics and beer halving since June, official data showed Thursday

MOSCOW (UrduPoint News / Sputnik - 15th August, 2019) Purchases of Japanese consumer goods have been dwindling in South Korea, with credit card spending on clothes, cosmetics and beer halving since June, official data showed Thursday.

The Financial Supervisory Service unveiled July figures from South Korea's eight credit card firms, showing sales in Japanese brand stores drop to $4.1 million from $8.4 million, according to Yonhap.

Clothing chain Uniqlo saw the steepest monthly decline, with sales plunging 70 percent to $1.5 million. Cosmetics firm DHC and shoe store ABC Mart were among the hardest-hit businesses.

South Koreans spent 45 percent less on Japanese beer, causing it to be overtaken by US and Belgian brands for the first time in many years.

Spending in four major tourist destinations in Japan dropped 19 percent.

The standoff began last year when South Korea ordered Japanese firms to pay compensation for wartime forced labor. This prompted condemnation in Tokyo, which believes the dispute to be settled.

Japan restricted technology sales to South Korea in July and removed it from the preferred trade list in August. The move was reciprocated by Seoul this week, which also promised to put Japan on its restricted trade list.

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