Korean ports across the nation were immobilized as the truckers' strike over high fuel prices enters its fourth day. More and more firms are giving up on export as inventory levels pile up. In fact, several small and medium-sized businesses have suspended production. Larger firms, including makers of cars, electronics, and paper products, are facing troubles producing and shipping products in the face of halted imports and exports, and frozen inland transport. Plastic processors, using petrochemical products as raw materials, are also being forced to suspend plant operations. The Daesan Petrochemical Complex has about 100,000 tons extra inventory piled up as its daily shipment volume of 15,000 tons has not been shipped for days.
As per a government ministry, the three-day strike by truckers, Korea has so far disrupted trade valued at US$1.31 bln, including exports worth $641 mln.
Movement of cargo containers through the country's biggest port of Busan picked up slightly due as replacement drivers were brought in, but remained precariously slow, with the port's container yard filled to 85% capacity. At Incheon, west of Seoul, the yard was filled to 75% capacity, 52% in Ulsan, 45% in Pyeongtaek and 32% in Gwangyang.
The strike has threatened the entire economy, as construction equipment operators' union also seem poised to go on strike today and the Korea Confederation of Trade Union is awaiting a final vote before launching a general walkout.
17-Jun-08 
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