S.Korea Exported $13B worth of Weapons in 2022

Poland’s multi-billion dollar contracts for South Korean tanks and aircraft pushed Seoul’s exports to $13 billion in the first nine months of this year.

In his report to President Yoon Suk-yeol on Thursday, Defense Minister Lee Jong-sup said defense exports so far this year have created an overall economic effect worth 38 trillion won ($26 billion).

The country had recorded an annual average of $3 billion in defense exports before posting $7.25 billion in 2021.

Click here to read our feature on South Korea’s rise as a major arms exporter

In August 2022, South Korea agreed to sell nearly 1,000 K2 main battle tanks (MBTs), 648 K9 self-propelled howitzers (SPHs) and 48 FA-50 fighter jets to Poland for an estimated $15 billion. The Polish Armaments Agency (AA) announced on August 26 that a $3.4 billion execution contract was signed with Hyundai Rotem for the delivery of 180 K2 MBTs in 2022–25 and a $2.4 billion contract with Hanwha Defense for the delivery of 212 K9A1 SPHs in 2022–26.

As per a March 2022 Stockholm International Peace Research Institute (SIPRI) report, South Korea was the eighth largest arms exporter in 2017–21 with a 2.8% share of the global total. Its arms exports were 177% higher than in 2012–16. From 2016-20, South Korea’s global share of major arm exports was 4.3%.