News Content
S. Korean ship exports dip 28.2 pct in 10 months of 2012
South Korea's ship exports plunged 28.2 percent on-year in the first 10 months of last year amid the global economic slump, with China believed to have emerged as the world's No. 1 ship export nation last year, a report said Thursday.
According to the report by the Institute for International Trade, South Korean ship exports reached US$33.5 billion in the January-October period, down 28.2 percent from a year earlier, marking the first decline in annual exports since 1999 when the local shipbuilding sector logged a 6 percent drop.
The report said China's ship exports reached $33.6 billion in the first 10 months of last year, down 5.9 percent from a year earlier.
The institute said local shipbuilders delivered low-priced vessels to its customers last year, which reduced the value of their ship exports.
Also, South Korean shipbuilders' heavy reliance on European customers who reduced orders for new ships amid the deepening eurozone crisis was cited as one of the reasons for the sharp decline in ship exports.
According to the report, South Korea's ship exports to the European region accounted for 29.6 percent of the total in the first 11 months of last year, compared with China's 14.4 percent and Japan's 13.2 percent.
In terms of new orders, however, South Korean shipbuilders outpaced their Chinese rivals with a 36.3 percent share in the global shipbuilding sector in the first nine months of last year. Chinese shipyards held a comparable figure of 34.7 percent, according to the report.
Market experts predict that local shipbuilders will see a 4 percent growth in their exports this year as they are moving to build high-priced ships such as drill ships and offshore facilities.
"New ship orders, order backlogs and other barometers will not improve sharply this year, but we can cautiously expect a mild recovery," said Cho Sang-hyun, a researcher at the institute.
Source: Yonhap
According to the report by the Institute for International Trade, South Korean ship exports reached US$33.5 billion in the January-October period, down 28.2 percent from a year earlier, marking the first decline in annual exports since 1999 when the local shipbuilding sector logged a 6 percent drop.
The report said China's ship exports reached $33.6 billion in the first 10 months of last year, down 5.9 percent from a year earlier.
The institute said local shipbuilders delivered low-priced vessels to its customers last year, which reduced the value of their ship exports.
Also, South Korean shipbuilders' heavy reliance on European customers who reduced orders for new ships amid the deepening eurozone crisis was cited as one of the reasons for the sharp decline in ship exports.
According to the report, South Korea's ship exports to the European region accounted for 29.6 percent of the total in the first 11 months of last year, compared with China's 14.4 percent and Japan's 13.2 percent.
In terms of new orders, however, South Korean shipbuilders outpaced their Chinese rivals with a 36.3 percent share in the global shipbuilding sector in the first nine months of last year. Chinese shipyards held a comparable figure of 34.7 percent, according to the report.
Market experts predict that local shipbuilders will see a 4 percent growth in their exports this year as they are moving to build high-priced ships such as drill ships and offshore facilities.
"New ship orders, order backlogs and other barometers will not improve sharply this year, but we can cautiously expect a mild recovery," said Cho Sang-hyun, a researcher at the institute.
Source: Yonhap
Latest News
- Shipbuilding In 2017: Any Signs Of Improvement?
- Keppel in talks with Borr Drilling for rig sales
- Japan’s shipbuilding industry turning corner as orders double
- De Boer/Dutch Dredging and Iskes Towage take delivery of ASD 2310 SD at Dam...
- Chinese shipyard order more TTS cranes
- Kommer Damen opens Damen Area Support China
