South Korean imports of Japanese beer slumped 45% in July from the previous mont...
SEOUL - South Korean imports of Japanese beer slumped 45% in July from the previous month in the wake of a consumer boycott sparked by an escalating political and economic dispute between the two Asian neighbors, data showed.
The plunge is good news for rival importers and South Korean brewers but is a worrying sign for Japanese exporters like Asahi Group Holdings , which said last week the boycott was affecting sales and lowered its profit guidance. Japan tightened export controls last month for materials used to make chips, South Korea’s top export item, intensifying a row over wartime forced labor and sparking a consumer backlash in Korea.
South Korea buys 61% of Japan’s beer exports, spending 7.9 billion yen in 2018 on the shipments, according to Japan’s finance ministry.
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