South Korea Secures 11th Position in Global Defence Expenditure for 2023: New Report
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Seoul, Dec 30 (NationPress) South Korea has achieved the position of the 11th largest defence spender worldwide in the previous year, according to a report released on Monday. This move is part of the nation's strategy to enhance its defence capabilities against the military threats posed by North Korea.
In 2023, South Korea's defence budget reached $47.9 billion, placing it just outside the top 10 nations in defence spending, as per the report from the Korea Research Institute for Defence Technology Planning and Advancement.
The report highlights that the United States led the list in defence spending with a staggering $916 billion, followed by China at $296 billion and Russia at $109 billion, as reported by the Yonhap news agency.
Additionally, the report indicates that the U.S. accounted for 42 percent of the global arms export market from 2019 to 2023, with France and Russia sharing 11 percent each, and China contributing 5.8 percent. South Korea ranked 10th with a 2 percent market share.
The defence research institute noted that these estimates were derived from data provided by the Stockholm International Peace Research Institute.
Moreover, South Korea intends to issue state bonds valued at 197.6 trillion won (approximately US$134.2 billion) next year, as stated by the finance ministry.
This planned issuance represents an increase of 39.2 trillion won compared to the 2024 issuance, which totaled 158.4 trillion won, according to the Ministry of Economy and Finance.
The ministry further explained that bond issuance will be staggered throughout the year to meet expenditure requirements while maintaining an equal monthly allocation.
It is anticipated that 55-60 percent of the bonds will be issued in the first half of the year, with 27–30 percent allocated for the first quarter.
The government is also working to improve systems for developing a more robust bond market, as South Korea is set to be included in the World Government Bond Index (WGBI), managed by FTSE Russell, in November 2025. This inclusion is expected to attract up to 80 trillion won into the local bond market.
