The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    INTERVIEWAhn Hyo-seop wanted to share dedicated love with 'A Time Called You'

  • 3

    [PHOTOS Team Korea' s decisive moments at Asian Games

  • 5

    Seoul's financial assistance for egg freezing draws attention from single women

  • 7

    Korea wins gold, silver in men's golf

  • 9

    Expressway congestion partially eases up as Koreans return home following Chuseok

  • 11

    Police launch belated probe into another teacher's suicide after parental harassment

  • 13

    Distraught roller skater apologizes for costly premature celebration

  • 15

    On the brink of a government shutdown, Senate tries to approve funding but it's almost too late

  • 17

    Korea makes last-ditch bid to host World Expo 2030 in Busan

  • 19

    SHINee launches first Japan tour in 5 years

  • 2

    Korea blank China to reach men's football semifinals

  • 4

    Will blue crabs from Italy arrive on Korean dining tables?

  • 6

    Korea wins 1st gold in women's team badminton in nearly 30 yrs

  • 8

    Over 30,000 protesters march for climate actions

  • 10

    KOICA pushes for $1.8 mil. project to support Nigeria's ICT education

  • 12

    Korea's drop in exports eases in Sept. on chip sales recovery

  • 14

    Germany's government and Elon Musk spar on X over migrant rescue ships

  • 16

    M+ deputy director discusses Seoul's potential to challenge Hong Kong as Asia's art hub

  • 18

    Heavy traffic jams mostly eased on 5th day of holiday

  • 20

    S. Korea wins 1st table tennis gold in 21 yrs

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Tue, October 3, 2023 | 13:47
Economy
Prolonged truckers' strike feared to worsen trade deficit
Posted : 2022-12-04 16:27
Updated : 2022-12-04 17:50
Yi Whan-woo
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
                                                                                                 Containers are stacked at a logistics center belonging to Hankook Tire in Daejeon, as cargo transport has been suspended due to a nationwide strike of unionized cargo truckers since Nov. 24. Yonhap
Containers are stacked at a logistics center belonging to Hankook Tire in Daejeon, as cargo transport has been suspended due to a nationwide strike of unionized cargo truckers since Nov. 24. Yonhap

By Yi Whan-woo

A nationwide strike by unionized cargo truckers is adding to concerns over Korea's worsening trade balance as the protest is hurting the nation's exports, which fell for the second straight month in November, according to industry officials Sunday.

The concerns come as the trade balance has remained in the red for the eight consecutive month in November for the first time since the 1997-1998 Asian financial crisis.

The Korea International Trade Association (KITA) said it has been receiving complaints from exporters over increases in domestic shipping costs, the disrupted supply of raw materials and suspensions of production since the strike began on Nov. 24.

In particular, they are being asked to pay penalties to overseas buyers for failing to deliver goods on time, and in some extreme cases, are losing customers, KITA noted.

Such business obstacles come amid speculation that Asia's fourth-largest economy is likely to see exports continue to decline in December due to the unfavorable global trade environment.

Korea's exports shrank 14 percent year-on-year to $51.91 billion in November, following a 5.7-percent drop to $52.48 billion in October, in the midst of dwindling global demand for semiconductors ― a staple export item ― as well as China's growth slowdown.

With surging energy prices, imports have exceeded exports since April and resulted in a trade deficit of $7.01 billion last month.

Gov't to expand executive order to striking truckers in refining, steel sectors
Gov't to expand executive order to striking truckers in refining, steel sectors
2022-12-04 18:49  |  Politics

It was the first time since 1997 that Korea posted a trade deficit for the eighth month straight.

The trade deficit for the first 11 months of 2022 totaled $42.6 billion, which already surpassed the record-high yearly shortfall of $20.62 billion logged in 1996, according to the Ministry of Trade, Industry and Energy.

"Under the circumstances, exports may suffer again in December if unionized truckers continue to refuse transporting cargo," International Trade and Investment Deputy Minister Moon Dong-min warned last week, noting that outbound and inbound shipments at ports across the country have been falling steeply.

He also expressed concerns that the trade deficit may reach $50 billion by the end of this year during the peak trading season.

"The government thus regards the $42.6-billion trade deficit very seriously, and correspondingly, the strike should end to normalize exports as quickly as possible," Moon added.

The government and KITA estimate that the strike inflicted a loss of over 1.6 trillion won ($1.22 billion) so far for major industries.

Steelmakers are believed to have suffered the most, with an estimated loss of 130 billion won.

The daily estimated amount of loss is 68 billion won for petrochemical companies and 18 billion won for cement manufacturers.

Carmakers say they are losing "billions of won" every day by having to store finished cars for an indefinite period of time.

They suffered combined financial damage of 257.1 billion won for four days in June during the last strike waged by the Cargo Truckers' Solidarity.

KITA said it is considering filing a suit against the union and is consulting with the affected industries.

Emailyistory@koreatimes.co.kr Article ListMore articles by this reporter
 
miguel
wooribank
LG
Top 10 Stories
1[PHOTOS Team Korea' s decisive moments at Asian Games [PHOTOS Team Korea' s decisive moments at Asian Games
2Will blue crabs from Italy arrive on Korean dining tables?Will blue crabs from Italy arrive on Korean dining tables?
3Over 30,000 protesters march for climate actions Over 30,000 protesters march for climate actions
4Korea makes last-ditch bid to host World Expo 2030 in Busan Korea makes last-ditch bid to host World Expo 2030 in Busan
5LA-based photographer captures Koreatown unfazed by pandemic LA-based photographer captures Koreatown unfazed by pandemic
6[INTERVIEW] It is premature to revise ROK-US mutual defense treaty: veterans' group head INTERVIEWIt is premature to revise ROK-US mutual defense treaty: veterans' group head
7Consumers to face higher prices for daily necessities after ChuseokConsumers to face higher prices for daily necessities after Chuseok
8Samsung chief visits Middle East to explore new businessesSamsung chief visits Middle East to explore new businesses
9Internet-only banks outperform legacy lenders in labor productivityInternet-only banks outperform legacy lenders in labor productivity
10Block Party returns to Yongsan for 2nd yearBlock Party returns to Yongsan for 2nd year
Top 5 Entertainment News
1[INTERVIEW] Ahn Hyo-seop wanted to share dedicated love with 'A Time Called You' INTERVIEWAhn Hyo-seop wanted to share dedicated love with 'A Time Called You'
2'Dr. Cheon and Lost Talisman' tops Chuseok holiday box office 'Dr. Cheon and Lost Talisman' tops Chuseok holiday box office
3M+ deputy director discusses Seoul's potential to challenge Hong Kong as Asia's art hub M+ deputy director discusses Seoul's potential to challenge Hong Kong as Asia's art hub
4Trailblazing nonagenarian artist honored for redefining Korean fiber art Trailblazing nonagenarian artist honored for redefining Korean fiber art
5[INTERVIEW] With '30 Days,' Kang Ha-neul finds new level of comfort in acting INTERVIEWWith '30 Days,' Kang Ha-neul finds new level of comfort in acting
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group