China’s Ministry of National Defence has announced that it successfully tested an anti-ballistic missile (ABM) interceptor as part of its efforts to strengthen its defence capabilities.

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What is driving and impacting South Korea’s Defense Market?

South Korea’s defense budget is currently valued at $48.3 billion after experiencing impressive and robust annual growth of 10.5% in 2022. Over the forecast period, South Korean defense expenditure is anticipated to register a strong CAGR of 6.3% over 2023-27 and reach $66.2 billion by 2027. The country’s acquisition budget, which includes research and development (R&D) funding, is also anticipated to register significant growth, projected to reach $21.6 billion in 2027, seeing significant rise from the anticipated $17 billion in 2023. South Korean defense spending is continuing to be fueled by the country’s hostile relationship with North Korea, coupled with the need to develop its own domestic industry. If you want to strategize successfully off this growing market, it is important to be fully informed. This report’s key findings include:

Details on the defense budget
Drivers of defense spending
Key trends impacting the market

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This is the sixth land-based, anti-ballistic missile test publicly announced by China, reported state-run tabloid Global Times.

The mid-course missile test held within the country’s borders was for defensive purposes and not a move against any country, reported Reuters, citing a statement from the Ministry of National Defence.

The ministry did not disclose further specifications about the missile system.

Anti-ballistic missiles are equipped with projectiles to protect a country from missile attacks, including intercontinental ballistic missiles (ICBMs).

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