South Korea's petrochemical shipments plunge 90% as trucker strike enters 7th day
SEOUL: South Korea's average daily shipments of petrochemical products have plunged by 90 per cent since a strike by truckers in the country, the Korea Petrochemical Industry Association said on Monday (Jun 13).
The country's petrochemical firms joined automobile and steel makers in cutting operations due to mounting inventories as the strike enters its seventh day, posing a test for the country's new president and deepening stress on Asia's fourth-largest economy, already facing stagflationary pressures.
"The Cargo Truckers Solidarity union's collective action to reject transportation is spreading the damage to major petrochemical complexes in Ulsan, Yeosu and Daesan," the Korea Petrochemical Industry Association said in a statement.
The 22,000-strong union is protesting against soaring fuel prices and demanding minimum pay guarantees. Four rounds of negotiations with the government have failed to find a compromise.
Read more: https://www.channelnewsasia.com/business/south-korea-truckers-strike-petrochemical-products-2742941
