Builders’ overseas orders top US$30 bln for 3rd year in 2022 amid economic recovery

SEOUL– Overseas construction orders clinched by South Korean builders topped the US$30 billion mark for the third straight year in 2022 as the global economy slowly recovered from the fallout of the pandemic, data showed Tuesday.

Local builders secured a combined $31 billion worth of construction orders last year, up slightly from the previous year’s $30.6 billion, according to the data compiled by the Ministry of Land, Infrastructure and Transport, and the International Contractors Association of Korea.

In 2020, the comparable figure was $35 billion.

Last year’s rise in overseas orders came as higher oil prices and economic stimulus measures boosted construction demand, according to the ministry.

Of the total, Asia accounted for 39 percent, followed by the Middle East with 29 percent, and the North American and the Pacific Ocean regions with 15 percent.

By nation, local builders won the largest orders, valued at $3.67 billion, from Indonesia, trailed by Saudi Arabia with $3.48 billion and the United States with $3.46 billion, according to the ministry.

Some 42 percent of them were plant engineering projects, and construction orders took up 28 percent.

Source: Yonhap News Agency

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