South Korea is a major supplier of semiconductors, smartphones, autos, batteries and electronics goods and the latest industrial action further raises uncertainty over global supply chains already disrupted by China's strict COVID restrictions and Russia's invasion of Ukraine.įaced with one of his first big economic challenges, new President Yoon Suk-yeol has taken what he calls a neutral stance, saying the government should not be involved too much. The union has contended that the numbers on strike are much higher than government estimates and that many non-union truckers are also refusing to work. The government estimates that about 6% of the country's 420,000 truck drivers belong to a union. Some 7,500 members, or about 35% of the Cargo Truckers Solidarity union, are expected to be on strike on Friday, the transport ministry said. At Busan port, which accounts for 80% of the country's container activity, traffic was down to a third of normal levels on Friday, a government official said.Īt Incheon port, it has fallen to 20% of normal levels while at the port for Ulsan, the industrial hub where much of the strike action has occurred, container traffic has been completely suspended since Tuesday. Defiant South Korean truckers embarked on broader and more aggressive strike action on Friday, threatening to severely curtail deliveries of raw materials for semiconductors and petrochemical products.Įntering its fourth day, the strike protesting soaring fuel costs halved production at Hyundai Motor Co's biggest factory complex on Thursday and has disrupted shipments for a range of companies including steelmaking giant POSCO Container traffic at ports has also slowed sharply.
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