(MENAFN - Qatar News Agency) Overseas orders won by South Korean builders surpassed US50 billion for the third straight year in 2012 as a result of increased demand from the Middle East, Latin America and Africa.
According to South Korean news agency (Yonhap) reporting from data released by the International Contractors Association of Korea, local builders signed deals worth 51.6 billion during the January-November period, up 13 percent from the same period last year.
Still, industry officials said it remained unclear whether the companies could achieve their overseas sales target of 70 billion by the end of the year due to delayed orders from foreign countries amid the global economic slump.
South Korean builders bagged orders worth 59.1 billion and 71.5 billion in 2011 and 2010, respectively, according to the association.
Orders from oil-rich Middle Eastern countries, the largest market for South Korean builders, stood at 30.5 billion in the first 11 months of 2012, accounting for more than half of the total orders.
Orders from Latin American countries soared 253 percent on-year to 5.5 billion while those from Africa stood at 1.2 billion, up 28 percent from a year earlier, according to the association.
Meanwhile, orders from Asia, the second-largest market for South Korean construction companies, dipped 5 percent on-year to 13.5 billion, according to the association.