S Korean firms gain record-high industrial plant orders in 2009

19:11, January 04, 2010      

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The South Korean government said Monday that local companies gained record-high foreign industrial plant orders in 2009 despite the global economic downturn.

A report released by the Ministry of Knowledge Economy said that South Korean firms received a total of 46.3 billion U.S. dollars worth of plant orders last year, a 0.2 percent increase from the previous year, mainly due to an increase in demand by oil-rich countries in the Middle East.

The report added the global economic crisis caused plant orders in the first half of 2009 to drop 67 percent from the same period of 2008, to a total of a mere 7.4 billion U.S. dollars, but steady global economic recovery and a spike in oil prices boosted orders in the third and fourth quarter of last year, amounting to 16 billion U.S. dollars and 22.9 billion U.S. dollars, respectively.

The fourth quarter orders were an all-time quarterly high, the report said.

The ministry also predicted local companies will receive plant orders exceeding 50 billion U.S. dollars in 2010.

Source: Xinhua
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