Order Intake YTD Increases 12% from 2021
The International Contractors Association of Korea announced on Aug. 8 that South Korean construction companies’ overseas construction contracts signed between Jan. 1 and Aug. 7 this year total US$17.419 billion, up 12 percent from a year ago.
“The 331 contracts, up 18 percent year on year, were signed in a total of 84 countries,” it said, adding, “The H1 track record is US$12.039 billion, somewhat lower than US$14.746 billion of the same period of the previous year, but the record increased by 57 contracts worth US$5.379 billion in July and August this year.”
According to the association, this year’s new contracts in the Middle East add up to US$3.673 billion, lower than US$4.187 of the same period of last year. However, those in Asia increased 18 percent to US$8.065 billion and those in the Pacific and North America jumped 86 percent to US$2.817 billion.
“New contracts are expected to increase in the Middle East, which is benefiting from rising oil prices,” the association said, adding, “Still, a boom comparable to that in the early 2010s is unlikely for the time being as competition is intensifying with those offering lower costs such as Chinese and Turkish construction companies.”