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May 13, 2022

North Korea fires three short-range ballistic missiles

The short-range ballistic missiles travelled nearly 360km before landing outside Japan's territorial waters.

North Korea has test fired three short-range ballistic missiles toward the sea, indicating that the reclusive nation will continue to pursue its weapon programmes, despite sanctions.

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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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by GlobalData
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The launches took place from the Sunan area of North Korea’s capital, Pyongyang, Reuters reported, quoting South Korea’s Joint Chiefs of Staff (JCS).

The ballistic missiles travelled approximately 360km at a maximum speed of Mach 5, and fell outside Japan’s territorial waters.

This is said to be the country’s 16th known weapons test this year. It comes after North Korea confirmed its first Covid-19 outbreak and ordered a national lockdown.

Last week, North Korea fired a ballistic missile, just days before the inauguration of South Korea’s newly elected president Yoon Suk-yeol.

The latest test was denounced by the US, South Korea, and Japan.

In a statement, the US Indo-Pacific Command said: “We are aware of the ballistic missile launch and are consulting closely with our allies and partners.

“While we have assessed that this event does not pose an immediate threat to US personnel or territory, or to our allies, the missile launch highlights the destabilising impact of the DPRK’s illicit weapons programme. The US commitment to the defence of the Republic of Korea and Japan remains ironclad.”

Last month, North Korean leader Kim Jong Un committed to further strengthening its nuclear arsenal.

The US increased its surveillance and reconnaissance collection in the Yellow Sea due to North Korean ballistic missile tests.

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Free Report
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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
Download the full report so you can formulate winning strategies for the road ahead.
by GlobalData
Enter your details here to receive your free Report.

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