South Korea's aerospace industry exports observed significant variations from 2013 to 2023. Standing at $3.6 Billion in 2023, the sector experienced a peak in 2017 at $3.06 Billion before hitting a low of $2.12 Billion in 2015. Year-on-year variations over the last two years were 10.34% in 2022 and 8.22% in 2023. Between 2018 and 2023, the average annual growth rate stood at 2.94%.
Looking ahead, the forecasted data points to continuous growth, with the industry expected to escalate to $4.44 Billion by 2028, reflecting a 3.31% compound annual growth rate over the next five years.
Future trends to watch for:
- Technological advancements driving export demand.
- Increased investment in defense and space sectors.
- Potential impact of global political and economic conditions.
