Trade Tensions

Massive Boycott of Japanese Products Underway in Korea

A trade dispute between Japan and South Korea has caused fiery rhetoric from both sides – but now South Korean consumers are leading a very real boycott that is hurting Japanese businesses’ bottom line.

According to reporting by The Korea Times and The Guardian, supermarkets and travel agents in South Korea reported sales losses from around 10 percent for Japanese Natto, a fermented soybean product, up to a decrease of 70 percent in travel bookings from Korea to Japan. Half of those who have booked a Japanese vacation are also currently canceling.

Some stores in Korea have cleared their shelves of Japanese products altogether and there have been reports of gas stations refusing to fill up Japanese model cars. Beer was also on the hitlist, with shops reporting sales losses of up to 40 percent for Japanese companies.

The conflict started when Japan announced in early July that it was curbing the export of substances used to make light-emitting diodes and semiconductors to South Korea. Observers have tied Japan’s confrontational attitude to recent court decisions in South Korea demanding Japan pay compensation to South Koreans forced into sex slavery during the Japanese occupation of the country in the first half of the 20th century. Tokyo denied any such connections.

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This chart shows sales losses to Japanese products in South Korea after a trade dispute between the two nations in July 2019.

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Kao's net sales in the consumer products business in Japan FY 2023, by segment
Operating profit of Godrej Consumer Products FY 2015-2024
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Reynolds Consumer Products total equity 2019-2023
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Reynolds Consumer Products total assets 2019-2023
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Reynolds Consumer Products net cash 2019-2023
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Reynolds Consumer Products liabilities 2019-2023

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