Figures released today by South Korea’s Ministry of Commerce, Industry and Energy show a jump in export sales of power plant and equipment with 40 per cent of these exports going to the Middle East.
Exports of plants in the third quarter reached $2.57bn, up 27.9 per cent from the same period last year, bringing total plant exports during the first three quarters to $7.64bn. The Middle East purchased plants worth $1.03bn, exports to Asia totalled $800m and North America $690m.
Plant export orders received during the first quarter totalled $730m and $890m in the second quarter. Six plants worth more than $100m brought in $2.03bn by themselves, accounting for 79 per cent of the total.
Two plants valued between $50m and $100m generated $130m. The remaining $410m was accounted for by over 70 small plants.
Hyundai Heavy Industries led all others with exports of $670m over nine cases, or 26.1 per cent of all plant exports, followed by Doosan Heavy Industries Co. with $620m over eight cases, LG Construction with $400m and Samsung Engineering with $350m.
The ministry discussed strategies to achieve the $10bn in plant exports targeted this year in the wake of the terror attacks in the United States and the US strikes in Afghanistan. The ministry plans to send a trade mission to the Middle East in order to secure $1bn worth of desalinization and power plants in Saudi Arabia.
The ministry also plans to have plant exporters focus on other regions in the world such as Southeast Asia, India and Latin America.