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[Apha Biz=(Chicago) Reporter Paul Lee] Domestic construction companies' overseas orders surpassed $20 billion (26.6 trillion won) by August this year, the highest level in the past five years. This is an increase of more than 20% from the same period last year.
According to the Overseas Construction Association on the 12th, overseas construction orders amounted to $ 21.93 billion from January to August this year, up nearly 20% from $ 18.3 billion in the same period last year. This is because orders in the Middle East, North America, and the Pacific region more than doubled from the same period last year.
Of the construction industry's $21.93 billion overseas construction orders this year, $11.4 billion, or 52 percent, came from Samsung C&T and Hyundai Engineering & Construction. On top of that, the combined order performance of Hyundai Engineering Co., a subsidiary of Hyundai Engineering & Construction Co., accounts for more than 60 percent of the three companies' overseas construction exports. Samsung C&T and Hyundai Engineering & Construction accounted for 25% of last year's annual overseas construction exports.
By August this year, Samsung C&T had accumulated overseas orders of $5.77968 billion, ranking first in the construction industry's overseas orders. Samsung C&T has won a Fubon LCD complex development project ordered by Fubon Life Insurance Co., a subsidiary of Fubon Financial Group, a large Taiwanese financial group, and has secured additional construction of Taylor's semiconductor plant in the U.S. ordered by Samsung Electronics.
Hyundai E & C has expanded its overseas construction areas around the Middle East, and recently won a $5 billion Neom City "Saudi Amiral Package Project" from Saudi Arabia's state-run oil company Aramco.
On the other hand, overseas orders from Lotte Engineering & Construction and GS Engineering & Construction, which ranked fourth and eighth in overseas construction market share until August last year, fell sharply from a year earlier.
By August this year, Lotte Engineering & Construction had only secured a total of $117.68 million worth of work overseas. This is more than 10 times less than the same period last year ($ 1.423 billion). GS Engineering & Construction also won $ 164.37 million overseas this year. The company's order performance has decreased by about a third compared to the same period last year ($500 million).
AlphaBIZ 폴 리(hoondork1977@alphabiz.co.kr)
