In recent years, South Korea has emerged as a formidable player in the global arms market, with its arms exports surging from a few billion dollars in the late 2010s to an impressive US$14 billion in 2023. Projections indicate that this figure could reach US$20 billion by the end of 2024, reflecting South Korea's strategic ambition to increase its share of the global arms market from 2% to 5% by 2027 [5d6e17ac].
The 2024 Korea Army International Defence Industry Exhibition (Kadex), held from October 2-6, showcased over 500 exhibitors from 50 countries, highlighting South Korea's growing influence in defense technology and international military partnerships [5d6e17ac]. Notable contracts include a US$3.2 billion deal for Cheongung II missiles with Saudi Arabia, US$7 billion for Redback vehicles with Australia, and a projected US$6 billion to US$8 billion for K2 tanks with Romania [5d6e17ac].
South Korea's defense collaborations with the United States further bolster its military capabilities, involving joint military operations and advanced systems such as the Terminal High Altitude Area Defense (THAAD) system. However, challenges remain, including a reliance on U.S. technology and the complexities of navigating international partnerships [5d6e17ac].
As South Korea positions itself as a key player in both Indo-Pacific and European security frameworks, its arms exports are reshaping the global defense landscape. This evolution not only enhances South Korea's military standing but also impacts geopolitical dynamics across the region, as countries increasingly look to South Korea for advanced military solutions [5d6e17ac].