South Korea Shipbuilders to Post First Export Drop in 19 Years
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South Korean shipbuilders, who account for about 10 percent of the nation’s exports, may post their first annual drop in overseas shipments in 19 years after a slump in orders during the global financial crisis.
Full-year exports of ships and offshore products may fall to $43 billion from a record $54.5 billion in 2011, the Ministry of Knowledge Economy said in an e-mailed reply to Bloomberg News questions yesterday. The value of first-half deliveries declined 20 percent to $25.5 billion, based on preliminary data, it said.