Overseas orders won by South Korean builders have exceeded the US$40 billion mark for a third year mainly due to increased demand from the Middle East amid an economic rebound, the government said Wednesday.
According to data offered by the Ministry of Land, Transport and Maritime Affairs, the nation's overseas construction orders have totaled $41.63 billion so far this year, up 138.6 percent from the same period a year earlier.
The sharp increase is attributed to brisk orders from the Middle East, where oil-rich countries have expanded investment for facilities. Order taking from other Asian countries also grew thanks to the recovery, the ministry said.
By region, orders from the Middle East came to $30.8 billion, which includes $18.6 billion worth of deals to build nuclear reactors in the United Arab Emirates. Asian countries came next with $8.5 billion, followed by $1.2billion from Latin American nations.
The latest totals are in line with trends over the past six years.
In 2004, South Korean builders secured a combined $7.5 billion in overseas orders, with the corresponding figures growing to $10.9 billion in 2005, $16.4 billion in 2006 and $39.8 billion in 2007. The figure rose further to $47.6 billion
and $49.1 billion in 2008 and 2009, respectively.
The ministry forecasts that the upward move will continue, predicting the nation's overseas orders will likely exceed the annual objective of $60 billion for the year.