According to reports, Korean shipbuilders are forecast to enjoy an 18 percent increase in exports this year because of strong demand for high-priced ships and other products.
The Korea Shipbuilders’ Association predicted Monday that local shipbuilders will log $26b in exports in 2007, up 18 percent from an estimated $22 billion in 2006.
The country has recorded a sharp rise in shipbuilding exports over the past few years on the back of growing global orders for vessels to carry oil, gas and other products.
The exports stood at $17.7b in 2005 after surpassing the $10b mark in 2003.
Hyundai Heavy Industries, the world’s largest shipbuilder, predicts that its exports will increase to $9.2b, up from last year's $8b.
Daewoo Shipbuilding and Marine Engineering, the No. 2 shipbuilder, seeks to export $7 billion, up from last year's $5 billion.
Source: Reuters