Trucks parked at the Uiwang Inland Container Depot to disrupt operations during a protest in Uiwang, South Korea, on Thursday, Nov. 24, 2022.

                        Truck drivers are on strike in South Korea for the second time in less than a year, targeting major ports in a bid to disrupt

                                                                  key exports from autos to petrochemicals. , Bloomberg

Newsnomics AJAY ANGELINA reporter | South Korea president Yoon Suk Yeol conservative government on

Tuesday has approved an order for striking truck drivers in the cement industry ‘to return to work.’

"Please return to your positions before it's too late," Yoon said during the meeting. "There's no way to justify

the act of taking the lives of people and the national economy as hostage to accomplish their own interest."

The decision came as thousands of truckers have been on a strike since Thursday, demanding the

government to extend temporary rules guaranteeing minimum freight rates, which they call "wage for safe

operation." 

Yoon said the truckers' strike is threatening to "devastate the foundation of our industries," pointing to delayed deliveries impacting the operations at construction sites and factories.

"At a time when we need to join forces to overcome the economic crisis, the Korean Public Service and

Transport Workers' Union has taken the livelihood and the economy as hostages, suspending logistics and

shaking the ground of industries through baseless demand," Finance Minister Choo Kyung-ho said.

"If we do not sternly cope with illegal group activities under the rule of law and principle, and sit idle on the

livelihood, logistics, and industries, it will become impossible to overcome the economic crisis," Choo added.

The finance minister said the cement supply has dropped more than 90 percent due to the strike, while 50

percent of construction sites in need of ready-made concrete face disruptions.

Minister of Interior and Safety, Lee Sang-min said the strike was costing the economy 300 billion won

($226 million) each day, without detailing how the number was arrived at.

Shipments of cement have plummeted by 90% according to the Cement Association lobbying group.

Container traffic at ports had dropped to 33% of normal levels as of 17:00 local time (08:00 GMT) on Monday, according to the transport ministry.

According to the approved order, Government officials will conduct on-site inspections along with police. If

transport workers will defy the order to return to work, transport licenses will be suspended for a period of 30 days, can be punished with up to three years in prison or a fine of up to 30 million won (US$22,500).