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S. Korean Service, Consumer Goods Industries Suffer Damage from China's Retaliation

Written: 2017-03-12 13:29:14Updated: 2017-03-12 14:59:20

S. Korean Service, Consumer Goods Industries Suffer Damage from China's Retaliation

A survey finds that about 90 percent of South Korean firms in the industries of content, tourism and consumer goods have suffered or expect damage from China’s retaliatory measures over the deployment of the United States antimissile THAAD system.

The Korea International Trade Association conducted the survey on about 600 South Korean companies in those industries from Tuesday to Friday.

According to the poll results, 335 firms or 56 percent of the respondents said that China’s measures are having a negative impact on their businesses, while 33 percent expected they will be affected by the measures within three months. About ten percent said the measures will have or are having no impact.

About 40 percent of the damages that the companies suffered were delays in reviews, permits and approvals, while 36 percent were delays of the planned events and 33 percent were cancellation of contracts.

As for the scale of damages, 27 percent said they suffered damages worth less than 100-thousand U.S. dollars, while 23 percent said the amount is between 100-thousand dollars and 500-thousand dollars. Eleven percent expected their damages will exceed one million dollars.

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