(MENAFN- QNA) Overseas orders for South Korea's industrial plants dropped from a year earlier in the first nine months of the year, partly due to a slowdown in the global oil industry, the government said Monday.
Overseas orders in the January-September period amounted to US$42.96 billion, down 7% from $46.21 billion during the same period last year, according to the South Korea's Ministry of Trade, Industry and Energy.
The ministry attributed the decrease mostly to a cut in fresh investment by global oil companies, which, in turn, led to a reduction in the number of global orders for offshore plants, according to the South Korean (Yonhap) News Agency.
"Orders for inland facilities rose 30.4% on-year from $30.3 billion to $39.5 billion, but orders for offshore plants dropped 78% on-year from $15.91 billion to $3.45 billion due to a reduction in investment by oil majors," it said in a press release.
The ministry said the figure still marked the second-highest amount for the January-September period in the country's history.
"In addition, orders from African countries spiked 65.5% on-year to a record high of $6.92 billion, a great achievement made by our efforts to explore new markets," it said.
Orders from Middle Eastern countries surged 80.7% on-year to $18.77 billion over the cited period with those from American states also jumping 65.7% to $7.79 billion.
Orders from European countries plunged to $868 million, less than one-tenth of $9.68 billion posted last year. Orders from Asian countries were more than halved from $17.26 billion to $8.6 billion.
By plant type, overseas orders for oil and gas plants nearly tripled to $25.61 billion in the first nine months from $9.39 billion in the same period last year.
Orders for offshore plants, such as drill ships, plunged 78.3% on-year to $3.45 billion with orders for generation and desalinization facilities also shrinking 27.3% to $8.82 billion.
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