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Seoul to support construction equipment sector amid pandemic

According to Yonhap News,

SEOUL, May 27 (Yonhap) -- South Korea will support the country's construction equipment sector to overcome a drop in sales amid the coronavirus pandemic, Industry Minister Sung Yun-mo said on Wednesday.

"In the wake of the coronavirus pandemic, the global construction equipment market is expected to create new demand," Sung said, stressing that the government will help expand exports of construction equipment.

The global market value of construction equipment is estimated at US$207.9 billion, 2.5 times higher than that of the global shipbuilding market.

Exports of construction equipment makers tumbled 32.3 percent in April from a year ago due to decreased global demand stemming from the COVID-19 pandemic.

Their exports are forecast to nose-dive more than 30 percent on-year in May.

Local construction equipment makers like Doosan Infracore Co. and Hyundai Construction Equipment Co. have suspended production at their local plants from late May to early June due to weak exports to Europe and North America.

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Source: Yonhap News (May 27, 2020)

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