Key Market Indicators
South Korea's weapon exports are projected to decline modestly, reaching approximately $229 million by 2028, down from around $234 million in 2023. This marks a 0.4% annual decrease in compound annual growth rate (CAGR). Historically, the country's arms supply has seen a significant drop, decreasing by 26% annually since 1984. In contrast, South Korea's weapon imports are expected to rise, hitting roughly $797 million by 2028, up from about $714 million in 2023. This represents an average annual growth rate of 1.7%. Despite this increase, South Korea has experienced a long-term decline in military imports, with demand falling by 8.9% year on year since 1965. In 2023, South Korea ranked 14th in global weapon imports, with Egypt surpassing it by matching South Korea's $714 million in imports. Qatar, Saudi Arabia, and Kuwait took the 2nd, 3rd, and 4th spots respectively in the same ranking.
