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Thursday, June 19, 2008

World Wide Trucker's Strike - South Korea Week Two

The trucker's strike in South Korea reached its second week this week and is heading into the third week as the strike already poses to further damage the Korean economy by $4.3 billion.

SEOUL, June 17 (Reuters) - A top South Korean trade body said on Tuesday an ongoing truckers' strike had caused $4.3 billion in damages and urged workers to halt the protest, which has paralysed the export-dependent country's ports.

"The ongoing strike has started hitting production at many manufacturers, with chemical companies in particular on the brink of completely stopping operations as shipments out of major petrochemical complexes have fallen below 10 percent," the Korea International Trade Association said in a statement.

The strike by thousands of truckers, which started last week and was joined by other unions such as construction this week, has cast a shadow over Asia's fourth-largest economy and is one of many by truckers around the world against soaring fuel prices.


The second week of this strike will definitely hurt both consumer electronics manufacturers as well as car manufactures all the way down to biomed producers of supplements and diet pills.