Beijing has stepped up its economic retaliation against Korean businesses despite Seoul's efforts to ease tensions over the deployment of a U.S. missile defense shield, and the effects are now visibly spreading across multiple sectors.
South Korea's agricultural exports to China have fallen for six months in a row since the tensions between South Korea and China began to grow in March.
According to the Korea Agro-Fisheries and Food Trade Corporation, Korea exported around 86-million dollars of agricultural exports to China in August an almost 11-percent drop on-year.
With the deployment of four additional launchers, there are growing concerns that the export figures will drop even further.
In the car industry, Hyundai and Kia Motors, Korea's two biggest car-makers, are seeing plummeting sales. As the economic retaliation over THAAD deployment hit the industry, pundits forecast total sales of less than 7-million cars this year, which would mark the lowest figures in 6 years and is 15-percent below the target sales for the year. The sales figures in China show the most noticeable drop, with just 1.3 million cars sold so far this year, less than half of the production capacity in China.
The effects of all this can be seen on the Korean stock market, as the total stock value of the top 10 companies heavily reliant on Chinese consumers tallied at 45-billion U.S. dollars on Friday. According to Korea Exchange, that is a drop of more than 20-billion U.S. dollars over the past 13-months a 27-percent decrease compared to last July before the deployment of the THAAD batteries was finalized.
Lee Jeong-yeon, Arirang News