Poongsan’s bullet sales spike as gun demand shoots up in US

South Korean bullet maker Poongsan is getting a boost in sales on the back of soaring gun demand in the US amid the novel coronavirus pandemic.

According to the Korea International Trade Association, Korea’s bullet exports to the US witnessed a record high of $4.51 million in March, a 1,062 percent surge on-year. In the first quarter, bullet exports to the US spiked 653 percent on-year to $8.6 million, which accounts for 73.4 percent of $11.7 million in total bullet exports to the US in all of 2019.

“The surge in bullet exports to the US is likely to improve Poongsan’s sales as it accounts for most of the bullet exports from Korea. Also, Korean bullets shipped to the US are mostly for civilians, which are more profitable than those for military use,” an analyst at Korean brokerage firm Mirae Asset Daewoo said Wednesday.

In March, the US FBI conducted 3.7 million background checks, the highest total since the instant background check program began in 1998. Individuals seeking to purchase a gun are required to submit to a federal background check when buying from a federally licensed firearms dealer.

“As people are hoarding daily necessities and feeling more threatened amid the worsening social atmosphere, they are buying more guns. The situation is similar to the 1992 Los Angeles riots,” a Poongsan official said.

By Kim Byung-wook (kbw@heraldcorp.com)