The Korea Herald

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[Graphic News] Overseas orders for Korean builders may hit lowest level in 10 years

By Korea Herald

Published : Sept. 22, 2016 - 18:14

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Overseas orders won by South Korean builders this year is expected to drop to the lowest level in a decade possibly due to the impact of low oil prices and a protracted global economic slump, a trade association said Thursday.

This year’s combined overseas orders came to $18.47 billion by Wednesday, 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.