The shipbuilding industry in South Korea is expected to surpass it exports value, it has been announced.

The figure is expected to pass the $50bn mark for the first time as a single export article.

In 2008, the industry’s export value hit $40.968bn and had reached $26.728bn by July this year.

The country has a global market share of 35% to 40% in terms of new build, new order intakes and order backlog.

Shipbuilding has been one of the big five export articles for the last 19 years.