South Korea's defense exports reached $3.6 billion in 2014 the largest since 2006 0301152

Posted On
 
Defense & Security News - South Korea
 
 
 
South Korea's defense exports reached $3.6 billion in 2014 the largest since 2006.
South Korea's defense exports reached US$3.6 billion in 2014, the largest yearly amount since 2006, the state military procurement agency said Saturday, January 3, 2015. According to data compiled by the Defense Acquisition Program Administration (DAPA), the value of last year's weapons exports was up from $3.42 billion recorded in the previous year.
     
South Korea's defense exports reached US$3.6 billion in 2014, the largest yearly amount since 2006, the state military procurement agency said Saturday, January 3, 2015. According to data compiled by the Defense Acquisition Program Administration (DAPA), the value of last year's weapons exports was up from $3.42 billion recorded in the previous year.
The South Korean K9 155mm self-propelled howitzer is now exported to Turkey and Poland.
     

The 2014 figure is the largest since 2006 when the procurement agency was established. That year, the total export volume came to $250 million, according to the DAPA.

Major deals South Korea won last year include a $1.2 billion order from the Royal Malaysian Navy to build six corvettes in November and a $420 million contract with the Philippines in March to export 12 FA-50 fighter jets.

"We expect this year's volume to soar to $4 billion as South Korea has been pushing further to make inroads into the overseas defense market with diverse, high-tech-based items," a DAPA official said, asking not to be named.

In May 2014, Philippines has signed a deal in which it will acquire 12 FA-50 fighter jets from South Korea in an attempt to bolster its military power.

South Korea increased its exports from $0.3 billion to $0.6 billion in 2013 and by 2015 it will be exporting $1.5 billion a year in defense equipment. This will likely supplant some of the major Western companies in the process.

In December 2014, Samsung Techwin Co. has signed a contract with Poland's defense ministry in Korea to export K-9 self-propelled howitzers. The total export value is estimated at about $320 million according the KoreaTimes website.

In 2011, Samsung Techwin sold 350 K-9 howitzers to Turkey on a technology transfer basis, which called for the firm to provide parts and technology.