Satellites are a core component of the industry
International trade figures about the space industry show that South Korea exports far more than it imports. The major export sectors were satellite services, equipment, and manufacturing; these were also the leading import sectors of the industry. Satellites are critical for various modern businesses, including those operating in the telecommunications industry or the television industry. Accordingly, satellites are at the center of the space industry, and the South Korean government has budgeted large sums toward satellite development and utilization. The rise of spacecraft company SpaceX is often mentioned as something to aspire to, although it is generally accepted that the South Korean space industry is still far from maturation.The South Korean space industry is set to take off
The budget for space development has fluctuated as projects and initiatives start and end over time. Nevertheless, the domestic space industry seems primed for growth in the years to come, with the number of relevant entities continuing to grow. Enterprises active in the aerospace industry, like Korea Aerospace Industries, contribute to space technology development in the nation alongside various research institutions and universities. With government spending pledged to increase in the future, it remains to be seen if the space industry in South Korea can maintain its upward trajectory.
