SEOUL: South Korea's share of the global arms exports market has nearly tripled and it is now the world's fastest-growing arms exporter.
The country's growth in the arms market has vastly outpaced other major market players in recent years, with the nation's arms exports hitting a record high of more than US$7 billion last year.
A recent report by the Export-Import Bank of Korea showed that the country's exports during the 2017-2021 period were 177 per cent higher than that in the preceding five year period.
This is the highest growth among the top 20 arms exporters. Second in the growth list is Australia (98 per cent), followed by France (59 per cent).
According to a Korea Times report, South Korea's share of global arms exports has now nearly tripled to 2.8 per cent from 1 per cent.
It is now the world's eighth largest arms exporter and is the second biggest exporter in Asia after China, a rapid rise from 31st position on the Stockholm International Peace Research Institute (SIPRI) arms transfer database in 2000.
The bank report said that exports of naval vessels grew by 1,660 per cent during the 2017-2021 period compared to the previous five year period.
It also projected the country's arms exports to continue growing, with the value expected to reach US$10 billion in 2022.
Southeast Asia nations Indonesia and the Philippines are the two biggest buyers of South Korean weapons, accounting for 16 per cent and 14 per cent of its sales, respectively.
Although Asian countries are expected to remain the main buyers of South Korean arms, the country has been developing new military hardware and is looking at a bigger global market.
In January, South Korea signed its largest-ever arms export deal, in a deal with the United Arab Emirates to supply it with Cheongung-II medium range surface to air missiles, which was developed by the Agency for Defense Development (ADD).
The following month, the South Korean defence firm, Hanwha Defence, signed a deal worth over 2 trillion won (US$1.65 billion) to sell K9 self-propelled howitzers to Egypt.
According to reports, Polish Defence Minister Mariusz Blaszczak had also said that the country, a NATO member that borders Ukraine, was set to buy South Korea's tanks, howitzers and fighter jets.
The deal is expected to include 48 FA-50 light combat aircraft made by Korea Aerospace Industries (KAI) with Lockheed Martin, 180 K2 Black Panther tanks developed by the ADD and some K9 howitzers.
KAI President Ahn Hyun-ho had said at the Farnborough International Airshow in Britain last week that the company aimed to export 1,000 FA-50s over the next 10 years, including to the United States. The FA-50 is a variant of KAI's T-50 supersonic trainer jet.
The Korea Times report said that South Korea was also seeking to sell its high-end KF-21 supersonic fighter jet to Southeast Asia nations and others when the plane's production begins between 2026 and 2028.
The prototype jet successfully carried out its first test flight last week and it is expected to replace part of South Korea's ageing fleet of F-4 and F-5 fighters.
The 4.5 generation fighter jet is expected to bolster the country's air power to counter North Korea's growing military threats.
The bank report also said that the defence market was expected to grow further as countries were now spending more for arms due to the conflict in Ukraine.
"Trade deals in the defence industry are expected to improve diplomatic trust between the countries involved and positively affect trade in other industries," the report said.
It also suggested that a unified organisation be set up to support exports as it would be helpful for improving efficiency.