South Korea Truck Strike Hits Chipmakers, Economy For $1.2 Billion

A strike by truckers in South Korea has cost the economy $1.2 billion in lost production and unfulfilled deliveries. That’s according to government estimates Monday (June 13). The strike is now over one week and has hit major firms.

Auto giant Hyundai has cut production for some assembly lines, while cement makers have lowered output. Average daily shipments from petrochemical factories have also dropped 90%. The disruption also threatened semiconductor producers like Samsung and SK Hynix – which could have a knock-on effect for global supply. Although, neither company has yet reported any issues.

The truckers’ strike in South Korea is starting to bite chipmakers, as supplies of a key chemical used when making semiconductors are now being disrupted.