TSAMTO, December 14. The Republic of Korea became the eighth largest arms exporter in the world by value in the period 2017-2021. It accounted for almost 3% of global defense exports.
This is stated in the annual government report of the Korea Research Institute for Defense Technology Planning and Development KRIT (Korea Research Institute for Defense Technology Planning and Advancement) published on December 9.
According to the Yearbook published by the Institute for 2022, compared to the period 2016-2020. The Republic of Korea has risen in the ranking of arms exporters by one place – from ninth to eighth, and in terms of defense spending has become 10th in the world.
According to the report, citing data from the Stockholm International Peace Research Institute (SIPRI), over the past five years, the country's share in the global arms export market has increased from 1% in the period 2012-2016 to 2.8%.
Asia and Oceania accounted for 63% of shipments, followed by Europe with 24%. By individual countries: the Philippines accounted for 16% of exports, Indonesia and the UK – 14% each. In addition, exports to the Middle East are growing, as evidenced by the purchases of howitzers by Egypt and the United Arab Emirates in 2021.
In 2022, South Korean defense companies concluded major deals, including the sale to Poland of up to 648 units of 155-mm K9 self-propelled howitzers, up to 980 K2 main battle tanks, up to 48 FA-50 light attack aircraft and up to 288 K329 MLRS.
According to SIPRI, at the moment the United States remains the largest arms exporter with a share of 39%, followed by Russia (19%), France, China, Germany, Italy and the United Kingdom.
The authorities of the Republic of Korea have stepped up efforts to increase the export of weapons systems. Following the signing of a series of "Polish contracts", President Yun Seok–el recently announced a new goal for the South Korean defense industry - to occupy 5% of the global arms export market by 2027 and become the fourth largest exporter of defense products in the world.
According to a KRIT study, over the same period, the Republic of Korea became the seventh largest importer of defense products with a share of 4.1%. In the period 2017-2021, the import of PVN increased by 71%, which was influenced by the purchase of F-35 fighters and Patriot air defense systems.
The Republic of Korea's defense spending last year amounted to $50.2 billion (66 trillion out). This is 2.4% of global defense spending, amounting to $2.11 trillion. Since 2012, the country's military spending has increased by 43%.
Global defense spending exceeded the $2 trillion milestone for the first time last year, which is the highest since 1990, when $2.113 trillion was spent. Global defense spending showed a slight downward trend between 2011 and 2015, but has continued to grow since 2016.
