South Korean defense industry thrives on strong overseas demand

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South Korean defense industry thrives on strong overseas demand - Korea Economic Daily

Quick Summary:

Thanks to such orders, Hanwha Aerospace and Hyundai Rotem raked in 11.24 trillion won and 4.38 trillion won in sales, respectively, in 2024.LIG Nex1 Co.also reported its historic high annual sales of 3.28 trillion won in 2024, thanks to brisk exports of its air defense systems – mainly missiles and integrated systems.

The country’s military ammunition supplier, Poongsan Corp., also reported that its defense business logged 1.18 trillion won in sales last year, breaking the 1 trillion won threshold for the first time since its inception.

Their parts suppliers have also seen their sales double over a year.“Because key export destinations of K-defense systems are located in Europe and the Middle East, they are free from the US tariff risk, meaning sales of the related companies are forecast to continue increasing,” said Park Hye-ji, an analyst at the Korea Institute for Industrial Economics and Trade.