This undated photo provided by Hyundai Engineering & Construction Co. shows an ethane recovery plant construction site in Saudi Arabia.
SEOUL, Dec. 30 (Korea Bizwire) — South Korean construction companies have won US$30.6 billion worth of orders from overseas this year, surpassing the $30 billion mark for the second straight year despite the prolonged coronavirus pandemic, data showed Thursday.
A total of 318 builders have won 501 such deals from 91 countries in 2021, with the Middle East accounting for the largest portion of 37 percent by region, according to data by the Ministry of Land, Infrastructure and Transport and the International Construction Information Service.
Asia took up 30 percent, followed by Europe with 15 percent, and North America and Oceania with a combined 13 percent, the data showed.
Although this year’s orders dipped 13 percent from $35.1 billion in 2020, they topped the annual target of $30 billion, which is meaningful considering the faltering global demand due to pandemic-driven uncertainties, the land ministry said.
Overseas construction orders hovered above $50 billion annually in 2014 and 2015 after hitting over $70 billion in 2010. But they shrank to the current $30 billion range in 2016 due largely to worsening external factors, such as a fall in oil prices.
Regional diversification has added to this year’s solid performance.
The orders from North America and Oceania surged 620 percent on-year to $550 million, and the orders from Europe also spiked 188 percent to $1.6 billion.
In the Middle East, a traditionally major overseas market for South Korea’s construction industry, the orders declined 16 percent from a year earlier.
By type, plant construction projects took up 58 percent, followed by civil engineering projects at 19 percent and power projects at 10 percent, the data showed.
(Yonhap)
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