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In 2024, the shipbuilding order volume in South Korea amounted to approximately **** CGT. This was an increase from around * CGT in the previous year. Due to the scale of production and other factors such as competition, shipbuilding orders showed a cyclical tendency over the years. 

Navigating the storm

The shipbuilding industry appears to be recovering from difficult situations in recent years, with volatile oil prices and fluctuations in demand setting a challenging business climate. Nevertheless, a rebound in the order backlog for South Korean shipbuilders provides cause for optimism. However, such difficulties have had its toll on the shipbuilding workforce, which continues to post record lows regarding the number of employees.

On the rise

Despite unfavorable market conditions, the domestic shipbuilding industry reported an increase in its trade balance. Home to a trio of leading ship manufacturers and many smaller companies, South Korea’s shipbuilding industry has mostly relied on exporting completed vessels to customers around the globe. Exports from the shipbuilding industry are seemingly on the up again, although figures are a far cry from the decade of abundance experienced from the late 2000s to 2010s.