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[THE INVESTOR] The number of overseas orders won by South Korean construction companies is expected to fall this year to the lowest level in a decade, according to a trade association on Sept. 22.
This year’s combined overseas orders came to US$18.47 billion by Sept. 21, according to data compiled by the International Contractors Association of Korea.
The figure represents 53.7 percent of the $34.59 billion posted during the same period of last year, and also compares with $47.24 billion during the same period of 2014, the data showed.
The association projected that this year’s overseas construction orders may reach some $30 billion, the lowest since 2006 when the comparable figure was $39.79 billion, it said.
South Korean builders’ overseas orders tumbled to $46.14 billion last year, after reaching some $66 billion in 2014 and hitting a record $71.58 billion in 2010, the data showed.
Orders from the Middle Eastern region came to $5.71 billion so far this year, sharply down from $12.31 billion during the same period of last year, and $26.06 billion in 2014.
“Oil-rich countries have slashed their mega orders in the face of low oil prices, and this trend may continue for a while down the road,” said an official at the association.
(theinvestor@heraldcorp.com)
This year’s combined overseas orders came to US$18.47 billion by Sept. 21, according to data compiled by the International Contractors Association of Korea.
The figure represents 53.7 percent of the $34.59 billion posted during the same period of last year, and also compares with $47.24 billion during the same period of 2014, the data showed.
The association projected that this year’s overseas construction orders may reach some $30 billion, the lowest since 2006 when the comparable figure was $39.79 billion, it said.
South Korean builders’ overseas orders tumbled to $46.14 billion last year, after reaching some $66 billion in 2014 and hitting a record $71.58 billion in 2010, the data showed.
Orders from the Middle Eastern region came to $5.71 billion so far this year, sharply down from $12.31 billion during the same period of last year, and $26.06 billion in 2014.
“Oil-rich countries have slashed their mega orders in the face of low oil prices, and this trend may continue for a while down the road,” said an official at the association.
(theinvestor@heraldcorp.com)
