Ship export of South Korea is expected to drop 5.6% this year due to over supply and unpredictable economic situation, according to a report released by Ministry Knowledge Economy and the Korea Shipbuilders’ Association on Thursday.

Korean ship export hits a record of US$49.8bn last year, but the number might drop 5.6% year on year to US$47bn in 2011.

“There has been over supply in the global market that needs to be addressed with worries about a ‘double dip’ in the United States and fiscal uncertainties in Europe hurting the industry as a whole,” Kim Sung-chil, head of the ministry’s automobile, ships and bicycle division said.

Source: Seatrade Asia