Four S. Korean arms sales companies increased sales by 3.6%, continued growth forecasted

작년 한국 주요 방산기업 매출 3.6% 증가 향후 전망도 탄탄

The sales of arms and military services of the 100 largest companies in the industry have increased for the seventh consecutive year.
And despite pandemic-related disruptions in global supply chains, South Korea aims to become one of the world's top four defense exporters.
Lee Eun-jin reports.

Following decades of building its arms industry, weapons exports in South Korea have ballooned in recent years with the threat from North Korea one of the greatest motivations behind the growth.
According to data released by the Stockholm International Peace Research Institute, for the period from 2017 to 2021, South Korea climbed the ranks to become the number 8 ranked international weapons supplier, up from 31st place in 2000.
The latest SIPRI reports show the combined arms sales of the four South Korean companies in the top 100 grew by 3-point-6 percent in 2021, compared to the previous year, reaching 7-point-2 billion U.S. dollars, which also marks the first year that the country's weapon's exports topped imports.
The prime selling points that leading arms companies in South Korea like Hanwha Defense, Korea Aerospace Industries and Hyundai Rotem have are affordability, the speed of shipments and availability.

South Korea's defense exports increased by 177 percent in the last five years between 2017 and 2021, compared to the preceding five years from 2012 to 2016.
That figure sees South Korea taking the world's highest growth rate in the defense export market far ahead of the United States' 14 percent increase and France's 59 percent rise.

So far this year, the country has inked export contracts valued at 17 billion U.S. dollars, which has played a key role in shifting the international arms trade flow from West to East. Arms sales by Hanwha Aerospace rose 7-point-6 percent,
with the company's sales expected to grow significantly in the coming years thanks to a deal made with Poland in 2022 following the Russian invasion of Ukraine.
Lee Eunjin, Arirang News.

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2022-12-06, 12:30 (KST)