The import of bombs, grenades, mines, missiles, and ammunition to South Korea was valued at 503 million USD in 2023. Based on the forecasted data for the years 2024 to 2028, the values are projected to increase steadily. The year-on-year variation shows the following trends:
- From 2024 to 2025: 2.88% increase
- From 2025 to 2026: 2.75% increase
- From 2026 to 2027: 2.62% increase
- From 2027 to 2028: 2.50% increase
The compound annual growth rate (CAGR) over the five-year period from 2023 to 2028 is approximately 2.74%, indicating a steady increase in import values each year.
Future trends to watch for include geopolitical developments in the region, advancements in defense technology, and changes in South Korea's national security policies, which could impact the import volumes and values of these defense-related products.
