South Korea world's 11th-largest defense spender last year: Report
Published: 30 Dec. 2024, 16:38
![A K2 tank taking part in live-fire drills at a firing range in Pocheon, about 40 kilometers northeast of Seoul. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2024/12/30/fa72ed72-f07b-411c-8448-1c4aa0c6afe1.jpg)
A K2 tank taking part in live-fire drills at a firing range in Pocheon, about 40 kilometers northeast of Seoul. [YONHAP]
South Korea was the 11th-largest defense spender in the world last year, a report showed Monday, as the country seeks to strengthen its defense capabilities against North Korean military threats.
In 2023, South Korea spent US$47.9 billion on defense, placing just outside the top 10 defense spenders, according to the report from the Korea Research Institute for Defense Technology Planning and Advancement.
The United States topped last year's list at $916 billion, followed by China at $296 billion and Russia at $109 billion.
The report also showed that the U.S. accounted for 42 percent of the global arms export market from 2019 to 2023, followed by France and Russia, tied at 11 percent, and China at 5.8 percent. South Korea ranked 10th with a 2 percent share.
The defense research institute said its estimates are based on data provided by the Stockholm International Peace Research Institute.
Yonhap
with the Korea JoongAng Daily
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