Tag South Korea

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South Korea’s Truck Drivers Reach Agreement and Settle Strike

South Korea’s unionized truck drivers returned to the road Wednesday (June 15) after the union and the transport ministry reached a tentative agreement to end a nationwide strike that affected ports and industrial centers. The Department of Transportation and the…

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South Korea Truck Drivers Strike Drives Economic Concerns

The Korean Petrochemical Industry Association said today (June 13) that average daily shipments of petrochemical products in South Korea have dropped by 90% since the domestic truck strike. Since members of the Cargo Truckers Solidarity union began nationwide protests on…

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South Korean Truck Drivers Extend Strike

South Korean truck drivers began protests Friday, threatening to severely restrict the transportation of raw materials for semiconductors and petrochemical products. About 1,000 truck drivers protested outside the plant today. The strike has halved production at Hyundai Motor’s largest plant…

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South Korea Q1 GDP Grows Slightly

The Bank of Korea (BOJ) reported that gross domestic product (GDP) in the first quarter of 2022 grew 0.6% on a quarterly basis. Year-on-year, South Korea’s Q1 GDP grew 3.0%. Private spending fell 0.5% in the first quarter, while investment…

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Inflation in South Korea at 14-Year High in May

Inflation in South Korea rose more than expected in May to its highest level in 14 years, driven by rising global material and food costs. The consumer price index (CPI) rose 5.4% in May from 4.8% in April, remaining above…

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South Korea’s ICT Exports Climb in April

South Korea’s Ministry of Trade, Industry and Energy said today that South Korean exports of information and communications technology (ICT) products rose 16.9% year on year to $19.94 billion in April. The rise in ICT exports in April was the…

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