South Korea's Arms Exports Expected To Rebound This Year
Date
1/24/2025 11:00:15 PM
(MENAFN- IANS) Seoul, Jan 25 (IANS) South Korea's arms industry exports may rebound this year after a slip for a second consecutive year, with its annual target set at over at least $20 billion, officials said on Saturday.
The country's annual arms exports came in at $9.5 billion last year following the $13.5 billion the previous year. In 2022, the country's arms exports hit the highest of $17.3 billion, reports Yonhap news agency.
Last year, the Defense Acquisition Program Administration (DAPA) initially aimed to sell $20 billion in arms exports for 2024 but failed to meet the target.
The officials at the agency said they hope to export over $23 billion worth of arms this year backed by the Poland deal, as well as a $1 billion deal with Saudi Arabia.
South Korea aims to carve out a 5 percent share of the global arms export market by 2027 to become the world's fourth-largest defense exporter.
Meanwhile, the government will prepare for Washington's possible implementation of universal tariffs on South Korean goods following the launch of the second Donald Trump administration, a senior trade official has said.
"President Trump has been mentioning the issue, so I believe we need to stay vigilant and make thorough preparations," the official told reporters under the condition of anonymity.
The remark came as Trump has been proposing to impose blanket tariffs of 10 to 20 per cent on all imports. Shortly after taking office, the new U.S. president also vowed to impose a 25 per cent tariff on goods imported from Canada and Mexico beginning as early as the start of February.
The official said as the new U.S. administration is pursuing balanced trade with its partners, South Korea is reviewing ways to expand imports from the U.S., rather than seeking to reduce exports.
"We should be expanding the combined trade volume, not reducing it," the official said. "We need to find ways to pursue mutual benefits."
-IANS
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