South Korea’s overseas construction orders rise by 20%%

Industry data showed on Sunday that overseas orders of South Korean construction companies increased by 20% in the period from January to August compared to the previous year, to exceed 20 billion US dollars.

Domestic construction companies received overseas orders worth 21.9 billion dollars between January and August, compared with deals worth 18.3 billion dollars in the same period last year, according to the Federation of International Contractors of Korea.

ITU data showed that this is the first time that construction companies have acquired offshore projects worth more than 20 billion dollars in the first eight months since 2018, when they won 20.4 billion dollars.
This excellent performance was helped by Hyundai Engineering and construction, which won a USD 5 billion deal in June with the Saudi oil company Aramco to build a huge petrochemical plant in the Middle Eastern country.
Korean construction companies have achieved overseas orders of more than 30 billion dollars annually since 2020.
Given the current trend, it seems that it is on track to achieve this achievement this year as well.