South Korea suffers huge delays in shipments amid truckers' strike
South Korea's truckers' strike entered Day 15 on Thursday
Amid efforts by the South Korean government to ensure that more truckers return to work as their nationwide strike entered its 15th day on Thursday, massive supply-chain disruptions were reported in South-East Asia.
Thousands of truckers in South Korea are on strike for more than two weeks over demands of a permanent minimum-pay system or "Safe Freight Rate" that is set to expire by the end of December 2022.
ALSO READ |‘We stop, the world will stop’: South Korean truckers’ strike to hit crucial trade routes
The strike has disrupted supply chains and, according to the government, in its first 12 days delayed delivery of goods worth 3.5 trillion won ($2.65 billion), Reuters reported.
The truckers' strike has disrupted supply chains, best reflected in the reduced shipments of petrochemicals overseas. The petrochemical shipments have reduced to about 5 per cent of normal levels, Channel News Asia reported.
The strike has also affected South Korean imports to Singapore. Online retail platforms that import golf and tennis apparel from South Korea reported the cancellation of orders by one-third due to delayed shipping.
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WATCH |South Korea orders truck strikers to return to work
South Korean administration has so far failed to achieve a breakthrough in negotiations with the truckers. The cabinet is scheduled to meet on Thursday to discuss ordering drivers who serve the petrochemical and steel industries to get back to work, the Finance Ministry said.
Last month, the government ordered drivers serving the cement industry to return to work.
The shipmentsof petrochemicals for domestic delivery were down to 65 per cent of normal levels, the transport ministry said on Wednesday. The steel shipments for all customers were running at 47 per cent, it added.
Suffering from rising fuel costs, as many as 25,000 striking truckers are calling for a temporary minimum-pay scheme for their industry to be made permanent.
(With inputs from agencies)
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