South Korean weapon exports seen surpassing China’s as Seoul inks defence deals with more regions

South Korea eyes a place among world’s top defence-exporting nations with sales of advanced weapon systems, aircraft and armoured vehicles to Middle East, Europe, Australia

But even with a significant increase in its sales of military supplies this year, South Korea will not reach the level of the most militarily advanced nations

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A South Korean soldier walks past a missile during a defence expo last month in Goyang, west of Seoul. Photo: AFP

Published: 9:00pm, 5 Oct 2022

With the value of its exports expected to exceed that of China and Germany by year’s end, South Korea is poised to be among the world’s four largest defence-exporting countries, according to a government research institute.

“Defence exports this year are expected to exceed the government’s target of US$15 billion – and quite possibly reach more than US$20 billion – if export contracts with Australia, Malaysia, Norway and Saudi Arabia are finalised by the end of this year,” said a statement this week by the Korea Institute for Industrial Economics and Trade (KIET), a national policy research institution under the Korean prime minister’s office.

The country’s defence-export value, which ranked eighth worldwide from 2017-21, increased by 177 per cent over the past five years, compared with the 2012-16 period, according to data collected by the Stockholm International Peace Research Institute (SIPRI).

That marked the steepest increase rate in the world – nearly three times larger than the second-biggest increase of 59 per cent by France – and it stood in sharp contrast to China’s 31 per cent decrease and the United Kingdom’s 41 per cent decrease in the same comparative period.

KIET noted that while sales of South Korean arms had previously been limited to countries in Asia and North America, exports have surged as a result of trade expanding to the Middle East, Europe, Central America, Oceania and Africa.

While its production of military items was previously limited to ammunition and ships, its offerings have expanded to include more advanced technology, including fighter jets and guided missile systems.