The work undertaken by Turkish contractors abroad is increasing rapidly.
As of November, the amount of contracting work undertaken by Turkish construction companies abroad reached USD 19 billion 370 million in 11 months, surpassing the entire work undertaken the previous year. The number of works undertaken was 245. In the whole of last year, USD 19 billion 170 million worth of work was undertaken. There was also a significant increase in the average value of the projects undertaken. In 2022, it was $38.7 million, while in January-November 2023 it was $79.1 million. According to the data of the Ministry of Trade, the amount of work undertaken since 1972 has reached $492.6 billion as of the end of November, and the number of projects has reached 11,902 projects in 135 countries.
In November, USD 5 billion 103 million worth of overseas contracting work was reported. In the first 10 months of the year, overseas contracting, which was expected to remain below 2022, reached an amount above the entire previous year with a high amount of work in November. If the trend of previous years continues, the amount of overseas contracting work undertaken by Turkish companies will exceed USD 20 billion in 2023. Turkish contractors exceeded USD 30 billion in 2012, 2013 and 2021.
With 22 high-value projects undertaken in November, 2023 is certain to be completed with an increase compared to last year. While the average value of the works undertaken in the previous months of this year was USD 63 million 978 thousand and USD 1.4 billion on a monthly basis, a total of USD 5.1 billion worth of work, TRY 231.9 million per project, was received in November alone. It was noted that high-value contracts are expected in January as well.
The majority of the work undertakings reported by Turkish contractors in November were concentrated in Turkmenistan and Saudi Arabia, with amounts above USD 2 billion. High-value projects were also awarded in Libya and Azerbaijan. These 4 countries accounted for a large portion of the high amount of work in November. Again, energy projects accounted for the largest share of the works undertaken in November with USD 2 billion 388 million. From 1972 until the end of November 2023, Turkish companies have undertaken USD 67.4 billion of housing, USD 66.3 billion of highway-tunnel-bridge, USD 43.6 billion of power plant, USD 34.9 billion of trade center and USD 33 billion of airport works.