Small Businesses Also Worry About Japan's Export Curbs
10 July, 2019
Smaller Korean businesses are as worried or more so than IT giants by Japan's export curbs on hi-tech materials.
The Korea Federation of Small and Medium Businesses polled 269 SMEs and found that 59 percent could not hold out for more than six months if the export curbs remain in effect.
Some 30.1 percent said they could endure the hardship for up to six months and 28.9 percent said they could barely even survive three months. A mere 20.5 percent said they could survive for more than a year. Some 46.8 percent said they have no Plan B.
Most feared that it would take a long time to reduce dependence on Japanese materials by either manufacturing them on their own or importing alternatives from third countries.
Japan controls 70-90 percent of the market for three core materials for semiconductors, smartphones and TVs.
Forty-two percent said it would take more than a year to diversify import sources.
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