Korea’s exports to Libya dove nearly 88 percent between January and July in the wake of a civil war that has pummeled the North African economy, a report showed Tuesday.

According to the Korea International Trade Association, Korean exporters shipped a mere $119 million worth of goods to Libya in the first seven months of the year, compared with $984 million a year ago.

Shipment volume began plunging in February, when protesters rose up against Colonel Muammar Gadhafi, crying for an end to his 42-year totalitarian regime.

Exports reached $21 million that month, down nearly 72 percent from a year earlier. Between March and July, the figure fell further to between $3 million and $6 million each month.

Among 229 exporters the hardest hit were construction and heavy equipment companies, which saw their exports drop more than 86 percent in the seven-month period.

Automakers, home and commercial appliance manufacturers and rubber product exporters also cut their shipments, the report showed.

But the trade agency retains an upbeat outlook, saying the Libyan market is poised to get back on its feet as rebel forces now took control of most of the country.

The state-run Korea Trade-Investment Promotion Agency also forecasts a surge in demand for Korean builders from the North African market once the turmoil calms down.

“The market could be as large as $120 billion given potential recovery projects involving oil refineries, power stations, houses, ports and roads,” KOTRA said in a statement.

By Shin Hyon-hee (heeshin@heraldcorp.com)