SEOUL, January 9 (AJP) - South Korea's overseas construction orders hit an 11-year high by shifting away from heavy reliance on the Middle East and diversifying into markets such as Europe, the Ministry of Land, Infrastructure and Transport said on Friday.
The ministry said overseas orders totaled $47.27 billion, the highest since 2014 and the first time combined annual orders have exceeded $40 billion since 2015. In the industry's 60-year history, annual orders have exceeded $40 billion only nine times including last year.
After declining in 2021, overseas orders have risen for four consecutive years, totaling $30.98 billion in 2022, $33.31 billion in 2023 and $37.11 billion in 2024.
Europe drove the increase, with orders in the region reaching $20.16 billion or 42.6 percent of the total. The major deal was a nuclear power project in the Czech Republic, where Korea Hydro & Nuclear Power won a $18.7 billion order to build two 1,000-megawatt reactors in Dukovany.
Orders from the Middle East fell from a year earlier but remained above $10 billion for the fourth consecutive year, accounting for 25.1 percent, followed by North America and the Pacific region at $6.8 billion or 14.3 percent.
By country, the Czech Republic led with $18.7 billion in orders, followed by the United States ($5.8 billion) and Iraq ($3.5 billion).
By type of work, industrial facilities accounted for $35.3 billion or 74.6 percent of the total, but the ministry said high value-added projects related to energy infrastructure such as nuclear, solar and combined-cycle power generation helped support overall growth.
The ministry said overseas orders totaled $47.27 billion, the highest since 2014 and the first time combined annual orders have exceeded $40 billion since 2015. In the industry's 60-year history, annual orders have exceeded $40 billion only nine times including last year.
After declining in 2021, overseas orders have risen for four consecutive years, totaling $30.98 billion in 2022, $33.31 billion in 2023 and $37.11 billion in 2024.
Europe drove the increase, with orders in the region reaching $20.16 billion or 42.6 percent of the total. The major deal was a nuclear power project in the Czech Republic, where Korea Hydro & Nuclear Power won a $18.7 billion order to build two 1,000-megawatt reactors in Dukovany.
Orders from the Middle East fell from a year earlier but remained above $10 billion for the fourth consecutive year, accounting for 25.1 percent, followed by North America and the Pacific region at $6.8 billion or 14.3 percent.
By country, the Czech Republic led with $18.7 billion in orders, followed by the United States ($5.8 billion) and Iraq ($3.5 billion).
By type of work, industrial facilities accounted for $35.3 billion or 74.6 percent of the total, but the ministry said high value-added projects related to energy infrastructure such as nuclear, solar and combined-cycle power generation helped support overall growth.
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