Overseas orders won by South Korean construction companies fell to the lowest in four years, a trade association said Tuesday, in the latest sign that local builders are reeling from the impact of low oil prices.
The combined overseas orders came to US$14.1 billion between January and the second week of June according to data compiled by the International Contractors Association of Korea.
The figures represent a 40 % decline from $23.5 billion in the same period last year. Overseas orders won by South Korean construction companies in the same period in 2012 stood at $13.7 billion. Low oil prices are blamed for the drop in overseas orders won by South Korean construction companies.
An official of the trade association said that it could take time for oil-producing countries to assess the profitability of projects before placing orders, though oil prices have been on the rise recently. The South Korean government is pushing to help local construction companies win overseas orders.