Large Order Backlogs
The top six South Korean defense companies’ order backlog topped 82 trillion won (US$63 billion) in December last year. It increased 48 percent in 2022 alone with the war in Ukraine still going on.
Last year, the order backlog of Hanwha Group subsidiaries in the industry more than doubled to 25.5 trillion won (US$19.6 billion). This includes K9 howitzers, K10 ammunition resupply vehicles, and K21 infantry fighting vehicles.
That of Korea Aerospace Industries was 24.59 trillion won (US$18.92 billion) at the end of last year, followed by Hyundai Rotem (13.089 trillion won or US$10.075 billion) and LIG Nex1 (12.2651 trillion won or US$9.44061 billion). Hyundai Rotem’s figure is divided into those in the defense and railway industries, and its figure in the former is estimated to be smaller than LIG Nex1’s order backlog.