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S. Korea's defense industry reports 3.3 trillion won of H1 sales

All News 10:38 July 02, 2020

SEOUL, July 2 (Yonhap) -- Local defense companies reported 3.3 trillion won (US$2.75 billion) of sales in the first half of the year, with exports accounting for about 10 percent or 329 billion won, the Defense Acquisition Program Administration said Thursday.

The number of people employed at defense firms was 33,103 as of June, down from 33,207 reported last year.

In 2019, the defense industry reported 14 trillion won in sales, up 2.2 percent from a year earlier. Overseas sales stood at 1.77 trillion won, down 11.5 percent from 2018.

The defense sector's rate of operation was 71 percent in the first six months of the year, slightly higher than 68.5 percent reported in 2019 despite the new coronavirus pandemic, the data showed.

The arms procurement agency said it will publish quarterly reports of the defense industry's sales to reflect the rapidly changing business environment and meet increasing demands.

This year's estimated sales will be available by June next year, it said.


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