After Donald Trump was elected president, South Korean President Yoon Suk-yeol immediately congratulated him and had a phone call with Trump. During the 12-minute conversation, Trump uncommonly expressed his desire to cooperate with South Korea in the shipbuilding industry.
Trump stated in the call that the US shipbuilding industry is in significant decline, and assistance and collaboration from South Korea are crucial. He highly recognizes South Korea’s world-class capability in constructing warships and vessels, emphasizing the need for close cooperation not only in ship exports but also in maintenance, repair, and overhaul (MRO) domains. Yoon Suk-yeol, in turn, expressed willingness to actively participate for the sake of the US economy and security.
According to the South Korean news agency, Trump’s unprecedented injection of support for South Korea’s maritime defense industry is encouraging. This move not only supports the annual $14.2 billion US Navy maintenance, repair, and overhaul industry but also lays the foundation for expanding into shipbuilding in the future.
Since taking office in 2022, South Korean President Yoon Suk-yeol has regarded the defense industry as a national pillar industry, aiming for it to become a strategic industry and an engine for economic growth. He has set the goal of making South Korea the world’s fourth-largest arms exporter by 2027. In recent years, South Korea’s defense exports have surged. In the first half of this year, the total exports of major defense groups in South Korea increased by 19.8% compared to the previous year, with the projected annual weapon export exceeding $20 billion for the first time, far surpassing the $13.5 billion in 2023.
While we often see South Korea’s K9 self-propelled howitzers, K2 main battle tanks, K239 multiple rocket launch systems, T-50 trainer jets, Cheongung 2 air defense missiles, various tactical missiles, cruise missiles, and more, the highest portion of South Korea’s defense exports comes from warships. Warships are high in cost, but with detection systems and weapons, they offer high value and profits.
Starting from the 1990s, South Korea began exporting warships, mainly to Southeast Asian countries. South Korea has exported various types of vessels including patrol ships, conventional submarines, amphibious assault ships, supply ships, and patrol ships to countries such as Bangladesh, Thailand, the Philippines, Indonesia, Peru, and the UK.
The US market is highly valued by South Korean defense enterprises. The two largest naval equipment companies in South Korea, Hanwha Systems and Hyundai Heavy Industries, have been eager to establish factories in the US to provide ships and other weapon systems to the US and Canada. In June of this year, Hanwha Systems officially acquired a shipyard in Philadelphia, becoming the first South Korean defense company to enter the US market.
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