SEOUL: South Korea emerged as the 11th-largest defense spender globally in 2023, reflecting its ongoing efforts to bolster military capabilities in response to persistent threats from North Korea, a recent report revealed.
According to Yonhap News Agency, the Korea Research Institute for Defense Technology Planning and Advancement reported that South Korea allocated $47.9 billion to defense expenditures last year. This spending positioned the nation just outside the top 10 global defense spenders. The report highlighted the significant defense budgets of leading nations, with the United States at the forefront, spending $916 billion. China and Russia followed with expenditures of $296 billion and $109 billion, respectively.
The report further detailed the landscape of the global arms export market from 2019 to 2023. The United States dominated with a 42 percent share, while France and Russia each held an 11 percent share. China accounted for 5.8 percent, and South Korea was 10th with a 2 percent share. The defense research institute emphasized that its estimates were derived from data sourced from the Stockholm International Peace Research Institute.