SOUTH KOREA ’ S EXPANDING
AEROSPACE INDUSTRY
By Washington State Department of Commerce
South Korea ’ s aerospace industry has been growing rapidly in recent years , driven by both government and private sector R & D investment . The aerospace industry is largely driven by key players such as the Korean Aerospace Industries ( KAI ), and Korean Air , the largest commercial airline and national carrier for South Korea . In 2021 , Korean aerospace companies reached $ 1.9 billion in combined revenue and the country is the 18th largest destination for U . S . aerospace exports — worth over $ 1.2 billion — and with the U . S . Korea Free Trade Agreement in force since 2012 , all U . S . aerospace exports to Korea receive duty-free treatment .
Joanna Boatwright
Washington State Department of Commerce , Aerospace International Trade Specialist
www . commerce . wa . gov
WASHINGTON STATE DEPT . OF COMMERCE
While the Korean market can present some challenges , the Korean government aims to further its country ’ s aerospace industry , bolstered by the Fourth Industrial Revolution , focusing particularly on emerging areas such as urban air mobility ( UAM ), drones and the space industry , with key opportunities for U . S . companies to support their efforts .
48 NORTHWEST AEROSPACE NEWS