S. Korea's defense exports reach US$1.17 bln in 2009

By Shin Hae-in
SEOUL, Jan. 5 (Yonhap) -- South Korea's exports of defense products rose 13
percent last year from a year earlier, on the back of stable performances by
smaller firms and diversification of sales items, the country's weapons
procurement agency said Tuesday.

South Korea exported US$1.17 billion worth of defense products last year, which
is slightly below its original annual target of $1.2 billion. But it is still
considered an accomplishment as large deals, including one on the next generation
main battle tank K-2, were delayed to this year, Seoul's Defense Acquisition
Program Administration (DAPA) said.
"We believe better-than-expected performance by mid- and small-tier companies and
the diversification of export products largely contributed to the increase in the
exports of defense products," the agency said in a statement.
South Korea's annual exports of defense items maintained around $250 million from
2002 through 2006, but the amount quadrupled in 2007 and reached over $1 billion
for the first time in 2008.
South Korea is aiming to reach exports of $3 billion in defense field in 2012,
with President Lee Myung-bak professing last year that South Korea's goal is to
become one of the world's 10 largest defense exporters.
The country hopes to export at least $1.5 billion worth defense weapons and
materials this year, the DAPA said.
Up to 104 South Korean firms exported defense products to a total of 74 countries
last year, both numbers increasing from 2008 when 80 local firms made deals with
59 countries.
Last year's exports included submarine systems and airplane components while the
top buyers were the U.S., Germany and Indonesia, the DAPA said.
hayney@yna.co.kr
(END)

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