South Korean Industry Hit Hard by Covid-19

12 May 2021

Losses in sales of businesses in the 29 sectors amounted to $17.3B USD, with restaurant owners reporting the largest drop of 5.7T won in sales. Wholesalers registered sales fall of 4.4T won and car-related retailers 2.7T| won. The leisure related sector saw a decline of 934.6B won in sales, leather goods like shoes makers 593.1B won, accommodation service providers 343.1B won, and tour agencies 135.9B won.

The epidemic also has been very tough for micro-business owners who make less than 48M won in sales a year. Businesses in 17 sectors experienced a sharp drop in sales, amounting to 1.3T won in total. The transportation service sector saw sales dip by 517.5B won, diners 429.1B won, leisure/culture sector 234.7B won and other service providers 56.4B won.

Some thrived amid the Covid-19 economic slowdown. Retailers made 4.1T won more in sales and real estate agents 1.6T won. Micro business owners engaged in real estate also made 427.3B won more than a year earlier and those in retail business 338.8B won.

The number of mom-and-pop business owners in the service sector declined by 1,061 last year. In the leather goods sector, 353 self-employed owners closed down business, while 202 tour agencies shut down and 121 video, audio and telecom parts makers shuttered.

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