South Korea defence exports to top $13 bln this year - report

HYUNDAI ROTEM

20/12/2023 05:59

SEOUL, Dec 20 (Reuters) - South Korea's defence exports
are expected to exceed $13 billion this year after the country
signed contracts with a diverse list of nations, firmly
establishing it as one of the world's top 10 arms exporters,
Yonhap news agency reported on Wednesday.
    Total contracts signed this year were valued at between $13
billion and $14 billion, Yonhap news said, citing preliminary
estimates by the Defence Ministry.
    That figure fell short of the $17.3 billion defence exports
recorded last year, but the list of export partner countries
increased from four to 12, including Saudi Arabia and the United
Arab Emirates, it said.
    The defence ministry declined to confirm the report.
    Poland continued to be a major buyer but its share of 
overall exports fell to 32% in monetary value compared to 72% in
2022, the report said.
    In 2022, South Korea signed a comprehensive arms agreement
with Poland, under which companies such as Hyundai Rotem Co. and
Hanwha Aerospace Co. will supply tanks, howitzers and fighter
jets. 
    The deal with Poland established South Korea as a major
player in global weapons exports, with the war in Ukraine
opening the door wide open for Seoul's arms exports. Exports in
2021 had totalled $7.25 billion. 

 (Reporting by Jack Kim
Editing by Ed Davies)
 ((jack.kim@thomsonreuters.com; +822 6936 1455;))