South Korea’s prime minister has warned that the disruption of cargo transport could cause “irrecoverable” damages on the country’s economy, as a strike by truckers entered its eighth day.
Stacked containers line a shipping port in Gwangyang, South Korea, Tuesday, June 14, 2022. A weeklong strike by thousands of truckers in South Korea has triggered major disruptions in cargo transport and production that have caused 1.6 trillion won in damages, officials said Monday. Truckers in South Korea ended an eight-day strike that caused major disruptions to domestic production and cargo transport, their union and the government announced after negotiations Tuesday.
The strike’s damage has been largely limited to domestic industries, though experts say a prolonged strike could have undermined global supply chains already hit by Russia’s invasion of Ukraine and China’s COVID-19 restrictions.
“It’s fortunate that the Cargo Truckers Solidarity withdraw its collective refusal of transport and decided to return to work now,” the Transport Ministry statement said. “We feel very sorry to the people for causing concerns.” Earlier Tuesday, about 6,800 truckers rallied at various sites across South Korea on their eighth day of the strike, according to the Transport Ministry. It said some steel and cement factories had halted operations and some striking truckers obstructed cargo transport at some major southeastern ports.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Striking Truckers Stall South Korean EconomyA weeklong trucker strike in South Korea over fuel costs and wages is tying up supply chains in one of Asia’s export powerhouses.
Read more »
South Korea June 1-10 exports shrink 12.7%, trade deficit at $6 billionSouth Korea's exports for the first 10 days of June shrank 12.7% from the same period a year before, customs agency data showed on Monday.
Read more »
Breakingviews - South Korea steps up to a fearful new worldSouth Korea is having a moment. As governments around the world fret about surging commodity prices, fragile economic growth and volatile markets, newly elected President Yoon Suk-yeol is kicking things off on a surprisingly upbeat note. Local companies are bouncing back, with many of them venturing abroad. The confidence should pay off.
Read more »
Trucker strike in South Korea enters seventh day, disrupts manufacturingThousands of South Korean truckers are on strike for the seventh day, disrupting production, slowing port operations and posing new risks to a strained global supply chain
Read more »
Trucker strike in South Korea enters seventh day, hits POSCO, Hyundai MotorSouth Korean petrochemical firms on Monday joined the automobile and steel makers in cutting operations due to mounting inventories as transport disruptions from a strike by truckers spread quickly across Asia's manufacturing powerhouse.
Read more »