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By APD writer Alice
South Korea accounted for 5.8% of Japan's total export value last October, making it the fourth largest export market of Japan, after consistently holding the third position after the US and China.
According to a recent report compiled by the Korea International Trade Association and the Japan Tariff Association, South Korea fell one notch and became Japan's fourth largest trade partner in October. The third position was held by Taiwan (China).
This shows that the demand for Japanese goods is weakening amid trade row between the two neighbours.
This was also the first time since April 2001 that the Korean market had accounted for less than 6% of Japan's total monthly export value.
Trade relations between Seoul and Tokyo have been strained since Japan imposed restrictions on the export of three industrial materials crucial to South Korea's chip and display industries in July this year. Japan then removed South Korea from its list of trusted trading partners.
Tokyo's decision led to a wave of boycott of Japanese consumer products in South Korea, with sales of Japanese cars sold in South Korea in October falling 58.4% from a previous year and the volume of Japanese beer imported into Asia’s fourth largest economy also decreasing by 99.5% year-on-year.
The two countries plan to hold high-level talks in Tokyo on December 16 to address the current tensions.
(ASIA PACIFIC DAILY)
