South Korea's shipbuilding industry has retained its top position in terms of the number of orders in August.
The nation's shipbuilding industry is showing signs of recovery with orders for large-scale projects expected to be placed going forward.
Kim Hyo-sun tells us more.
South Korean shipyards won orders totaling 735-thousand compensated gross tons (CGT) in August,... accounting for more than 70 percent of orders placed worldwide.
According to data released by the Ministry of Trade, Industry and Energy,... South Korea has now recorded the highest number of shipbuilding orders for the fourth month in a row.
South Korean shipyards logged orders worth 11-point-3 billion U.S. dollars in total between January and August. That puts Korea ahead of China which saw 10-point-9 billion dollars of orders over the same period.
In the first eight months of the year,... South Korea won 24 of the 27 orders placed for LNG carriers,... as well as 10 of the 17 orders placed for very large crude carriers.
"The amount of orders has been steadily rising again since mid-August, leading to profitability thanks to increased unit cost and favorable foreign exchange conditions."
Accordingly,... employment in the shipbuilding industry has also been on the rise, recording 110-thousand,... after it fell to its lowest level in August last year.
The industry is expected to enjoy continued growth going forward with large-scale project orders expected to be placed by Russia, Qatar and Mozambique.
Kim Hyo-sun, Arirang News.