Korean builders' overseas orders hit 13-year low in 2019

(Yonhap)

Overseas orders won by South Korean construction companies hit the lowest point in 13 years in 2019 due mainly to slowing orders from the Middle East, the construction ministry said Thursday.

The combined overseas orders by the builders came to $22.3 billion last year, down 31 percent from 2018, marking the lowest since 2006, when the combined overseas orders by the builders stood at $16.4 billion, according to the ministry.

For decades, oil-rich Middle Eastern countries have been the largest market for South Korean builders. Still, the local builders have also tried to diversify their business in Africa, Southeast Asia and Latin American markets in recent years.

The Ministry of Land, Infrastructure and Transport said South Korean builders secured a cumulative $10 billion in overseas orders this year through Wednesday, up more than eightfold from the same period of last year. (Yonhap)