Key Market Indicators
South Korea’s defense expenditure is projected to climb to approximately $52.6 billion by 2028, up from around $47.5 billion in 2023. This marks a compound annual growth rate (CAGR) of 1.6%. Historically, South Korea's defense spending has seen a steady increase of about 2% annually since 1965. In 2023, the nation ranked 9th globally in terms of defense expenditure. France has surpassed South Korea in this ranking, matching the latter’s $47.5 billion expenditure. Leading the global defense spending are China, Russia, and India, which hold the 2nd, 3rd, and 4th positions respectively.
Latest reports

Defense in South Korea - 2024 Q4
In the fourth quarter of 2024, South Korea's defense sector is marked by strategic advancements and significant investments, reflecting the nation's commitment to...