Korea’s Defense Exports Reached US$3.6 Billion Last Year

The Defense Acquisition Program Administration announced on Jan. 3 that Korea’s defense exports totaled US$3.6 billion in 2014, the highest amount since the establishment of the organization in 2006. The yearly total had been US$3.42 billion in 2013 and just US$250 million in 2006.

The agency explained that the export of advanced weaponry such as warships, aircraft, and self-propelled guns led the export growth. Last year, Korea exported six patrol frigates (US$1.2 billion) to Malaysia, 12 FA-50 fighter jets (US$400 million) to the Philippines, and 120 K-9 self-propelled guns (US$300 million) to Poland.

“Korea is exporting more and more high-tech weapons like aircraft, submarines, and battleships to shift the focus from ammunition and components, and the export amount is estimated to reach at least US$4 billion this year,” the agency said.