Korean ship exports forecast to top US$30 billion in 2015

Korean shipyard exports are forecast to surpass the $30 billion mark in nine years on strong overseas demand stemming from a brisk global market, a report showed on Nov. 28.

Ship exports will likely grow at an annual average of 6.1 percent over the next 10 years to achieve the feat in 2015, compared with $17.73 billion last year, according to the report by London-based shipbroker Clarkson Research Services Ltd.

With ship imports expected to reach $2.95 billion, South Korea, home to seven of the world's top 10 shipyards, will likely record a trade surplus of $27.05 billion in the shipbuilding sector that year, it said.

The report attributed the rosy outlook to rising demand for replacing rundown ships and a continued fall in ship prices amid a brisk global ship market.

Domestic shipyard exports have been expanding at a fast pace over the past 10 years, rising to $15.66 billion in 2004 from $9.76 billion in 2001 and $5.54 billion in 1995.

The Korea Shipbuilders Association projected in an earlier report that ship exports are likely to surpass $22 billion for the first time this year on sales of high-end ships, up 24.1 percent from last year.