Figure 1. Sharp rise in arms revenues of South Korean producers

Soaring exports boosted the arms revenues of South Korean companies from 2022, while national arms procurement spending stayed at the same level

Note: Values are in constant 2023 US$. The 'arms revenues' line shows the combined annual arms revenues of the five largest South Korean producers that have appeared in SIPRI Top 100 at least once between 2015 and 2024: Hanwha Group, Hyundai Heavy Industries, Hyundai Rotem, Korea Aerospace Industries and LIGNex1. The revenues of Hanwha Group includes the pro forma revenues of the previously independent companies consolidated under the Hanwha Group as of 2024: Hanwha Aerospace, Hanwha Corp. and DSME.
Source: SIPRI Arms Industry Database, Dec. 2025.