Over two-thirds of S. Korean SMEs suffer sales setbacks

Seventy-seven percent of 1,000 South Korean small- and medium-sized enterprises (SMEs) that have sold at least 100 million won in value claimed sales drops following the coronavirus outbreak in February.

In a survey, those companies reported an average decrease of 39.2 percent in sales over the period.

Another 22.4 percent claimed their sales were the same as those last year, while 0.6 percent reported sales increases.

Of the companies that claimed setbacks, 35 percent said their sales tumbled 50-70 percent, and 12.2 percent replied that sales plummeted over 70 percent.

The hospitality and restaurant sector was the hardest hit with 95.2 percent of companies reporting on-year sales declines.

Education service providers came in second with 94.9 percent.

Nearly 31 percent of the surveyed firms clamored for loans from financial institutions, with 29.5 percent asking for tax cuts as solutions.

So far, the novel coronavirus has infected 18,265 South Koreans, with the death toll reaching 312.

th toll reaching 312.