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by IANS |
Seoul, Dec 30 (IANS) South Korea was the 11th-largest defence spender in the world last year, a report showed on Monday, as the country seeks to strengthen its defence capabilities against North Korean military threats.
In 2023, South Korea spent $47.9 billion on defence, placing just outside the top 10 defence spenders, according to the report from the Korea Research Institute for defence Technology Planning and Advancement.
The United States topped last year's list at $916 billion, followed by China at $296 billion and Russia at $109 billion, reports Yonhap news agency.
The report also showed that the U.S. accounted for 42 percent of the global arms export market from 2019 to 2023, followed by France and Russia, tied at 11 percent, and China at 5.8 percent. South Korea ranked 10th with a 2 percent share.
The defence research institute said its estimates are based on data provided by the Stockholm International Peace Research Institute.
Meanwhile, South Korea plans to issue state bonds worth 197.6 trillion won (US$134.2 billion) next year, the finance ministry said.
The planned sale represents an increase of 39.2 trillion won compared with 2024, during which Treasury bonds totaling 158.4 trillion won were issued, according to the Ministry of Economy and Finance.
The ministry said that bond issuance will be distributed across the year, balancing expenditure needs while adhering to the principle of equal monthly allocation.
Approximately 55-60 percent of the bonds are expected to be issued in the first half of the year, with 27–30 percent allocated in the first quarter.
The government also plans to enhance 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. The government estimates the move could freshly attract up to 80 trillion won to the local bond market.
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