As the Middle East war shows signs of dragging on, damage to small and midsize companies in Korea is rising rapidly.
The Ministry of SMEs and Startups said a total of 422 cases of damage and difficulties (including concerns) related to the Middle East war were received from on the 28th to 2 p.m. on the 27th. That is an increase of 43 cases in two days from the count as of noon on the 25th.
Of all submissions, there were 284 cases of actual damage and difficulties, and 79 cases of concerns about future occurrences.
By type of damage (multiple responses), transportation disruptions were the most common at 59.9%, followed by canceled or suspended contracts (35.6%), higher logistics costs (33.8%), and unpaid settlements (25.4%).
By country, Iran-related damage accounted for 19.3% and Israel 14.6%. Other Middle Eastern countries, including the United Arab Emirates (UAE) and Saudi Arabia, accounted for 72.2%.