North Korea test fires suspected ballistic missile

The ballistic missile is said to have reached an altitude of 780km and travelled approximately 470km.

A North Korean ballistic missile displayed during a victory parade. Credit: Stefan Krasowski/ commons.wikimedia.org.

North Korea has test fired a suspected ballistic missile, days after the reclusive nation vowed to further strengthen its nuclear arsenal.

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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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The ballistic missile was fired from the Sunan area of the North Korean capital of Pyongyang towards the eastern waters, Reuters reported, quoting South Korea’s Joint Chiefs of Staff (JCS ).

The missile reached an altitude of 780km and travelled approximately 470km.

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This is North Korea’s 14th known weapons test this year. It comes just days before South Korea’s newly elected president Yoon Suk-yeol assumes responsibility.

“A recent series of North Korea’s ballistic missile launches poses a grave threat to the peace and stability of not only the Korean peninsula, but also the international community,” Reuters quoted JCS as saying in a statement.

The test was also condemned by the US and Japan.

Using the acronym of North Korea’s official name, the US Indo-Pacific Command said: “We are aware of the DPRK’s ballistic missile launch today and are consulting closely with the Republic of Korea (ROK) and Japan, as well as other regional allies and partners.

“The United States condemns these actions and calls on the DPRK to refrain from further destabilising acts. While we have assessed that this event does not pose an immediate threat to US personnel, territory, or that of our allies, we will continue to monitor the situation.”

In March, the US increased its surveillance and reconnaissance collection in the Yellow Sea following a series of missile tests by North Korea.