Seoul, Jul 24 (BUS): South Korea has emerged as the world’s fastest growing exporter of arms, largely outpacing the growth of other major players in the market in recent years.
According to a recent report by the Export-Import Bank of Korea published by the Korea Times, the country’s arms exports hit a record high of more than $7 billion last year.
Its exports during 2017-21 were 177 percent higher than those in 2012-2016 – the highest growth rate among the top 20 exporters, followed by Australia (98 percent) and France (59 percent).
South Korea’s share of global arms exports has nearly tripled to 2.8% from 1%. It is now the eighth largest arms exporter in the world, and second in Asia (after China) – a rapid rise from 31st place on the list by the SIPRI Arms Transfer Database in 2000.
“Exports of marine vessels grew by 1,660% (during the 2017-21 period compared to the 2012-16 period), which led to this trend,” the report states. Arms exports are expected to continue to grow. The figure is expected to reach $10 billion in 2022.”
The Philippines and Indonesia are the largest buyers of South Korean weapons, accounting for 16 percent and 14 percent of its sales, respectively. Although the Asian region will remain an important market, the country is expanding its global presence with its newly developed military hardware.
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