SEOUL: South Korea's arms exports are projected to have declined for the second consecutive year in 2024, achieving only half of the initial annual target set by the government, according to a statement made by a ruling party lawmaker on Thursday. The decrease highlights ongoing challenges within the nation's defense industry despite efforts to expand its global market share.
According to Yonhap News Agency, preliminary data submitted to Rep. Yu Yong-weon of the People Power Party by the Defense Acquisition Program Administration (DAPA) showed that South Korea's annual arms exports amounted to $9.5 billion in the previous year. This figure represents a significant drop from the record $17.3 billion achieved in 2022 and the $13.5 billion recorded in 2023.
DAPA had originally set a target of $20 billion for arms exports in 2024. However, the agency revised this goal to $15 billion in the second half of the year. Rep. Yu attributed the decline in exports to the government's inability to secure an additional agreement with Poland, valued at around $7 billion, to supply K2 tanks by the end of the previous year.
Despite the setback, Yu expressed optimism about the future, projecting that South Korea's arms exports could reach $24 billion this year. This outlook is supported by the anticipated completion of the deal with Poland and a separate $1 billion agreement with Saudi Arabia.
A DAPA official indicated that the agency plans to release the final figures of the country's arms exports shortly. The South Korean government remains committed to its strategic goal of capturing a 5 percent share of the global arms export market by 2027, aiming to become the world's fourth-largest defense exporter.