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Japan's export restrictions on S. Korea have limited impact on Korean economy and rather damage Japan's own economy: KIEP Updated: 2019-10-30 16:31:48 KST

When Japan imposed export regulations on South Korea in early July, there were worries that it would greatly impact the Korean economy.
But now that more than 100 days have passed, the Korea Institute for International Economic Policy has found out that the boycott of Japanese goods that arose from those regulations has negatively influenced Japan's economy.
It was widely said that Japan's limiting of pure hydrogen fluoride exports to Korea would have the biggest impact.
In fact, Japan's exports of hydrogen fluoride to Korea during the month of September were 99 percent lower than the previous year.
Yet, with sufficient stocks secured and diversified suppliers, the damage done to local companies was minor.
The same goes for two other strategic materials used for semiconductors that have also been restricted by Japan, fluorinated polyimide and photoresist.
However, there was a noticeable slump in sales of Japanese products in South Korea such as clothes, beer, and cars.
As many Koreans refused to buy Japanese products, Japan's beer exports to Korea for the month of September dropped 99.9 percent compared to the year before.
And Korean visitors to Japan were almost 50 percent lower for the month of August than they had been in August 2018.
The agency said that a prolonged dispute between the two countries would negatively influence the economy of the whole of East Asia.
At the same time, it advised the Korean government to continue localizing production of materials, components, and equipment, and also stabilize supplies to prevent further damage.
Hong Yoo, Arirang News.
KOGL : Korea Open Government License
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