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Exports of South Korea's two excavator makers Doosan Infracore Co. and Hyundai Construction Equipment rose 19 percent to US$200 million in December from the previous year ago, mainly due to a boom in China's construction market.
Excavator sales in China reached 292,864 units in 2020, increasing by 40 percent from 2019, according to the data provided by the China Construction Machinery Association.
The two excavator makers are expected to sustain their steady rise of shipments to China this year.
Kim Hong-gyun, an analyst at DB Financial Investment, noted that following China's policy of boosting its economy, the volume of its civil engineering and construction market is forecast to grow this year, increasing excavator sales.
Kim added that the high season of excavator sales in China may begin from the second week of February after China's Lunar New Year holiday.
In December, Doosan Heavy Industries & Construction Co. signed an initial deal to sell its stake in Doosan Infracore to with Hyundai Heavy Industries Holdings Co., the parent of Hyundai Construction Equipment.
