Exports of military hardware to hit record high

The defense industry is projected to mark an all-time high in its weapon exports this year, according to the Korea Institute for Industrial Economics and Trade.

While the nation had mostly exported ammunition and components for weapons, it recently diversified products such as self-propelled artillery and submarines.

Among the major export destinations are the United Kingdom, Peru and India, KIET said in a report.

The defense-related orders from abroad rapidly increased over the past few years ― from $250 million in 2006 to $2.38 billion in 2011. The figure is expected to surpass $2.4 billion in 2012.

In the global weapons market, the share of leading defense goods exporters ― the United States, Russia, the U.K., France and Germany ― in total defense exports has been in a gradual decline, while that of 10 latecomers including Korea has been growing at a steady rate, according to the KIET report.

By Kim Yon-se (kys@heraldcorp.com)