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Climbing the Export Ladder: Government Support for Korean Defense Exports and the Path to Becoming a Big Four Exporter

Author

Listed:
  • Jang, Won-Joon

    (Korea Institute for Industrial Economics and Trade)

  • Song, Jae Pil

    (Korea Institute for Industrial Economics and Trade)

  • Kim, Mi Jung

    (Korea Institute for Industrial Economics and Trade)

Abstract

Korean defense exports have grown at a higher rate than anywhere else in the world in the five year period from 2017 to 2021, exploding by 177 percent and positioning Korea as the world’s eighth-largest defense exporter. Moreover, if after final accounting Korean defense exports came to more than USD 17 billion in 2022, Korea would in fact be the world’s fourth-largest arms exporter, surpassing the UK, Italy, China, and Germany. This paper analyzes recent defense market trends and prospects, compares and analyzes the Korean defense export support system with those in place in major defense exporters such as the United States, France, and Israel, and identifies a path by which Korea can become one of the so-called Big Four major global arms exporters. Keywords: Korea, defense, defense exports, arms exports, weapons systems, weapons systems exports, global defense market, Big Four, NATO, COVID-19, US-China conflict, National Defense Authorization Act, global defense industry, defense spending, Redback, FA-50, K-2 MBT, K-9 howitzer, Cheonmu MRL, M-SAM

Suggested Citation

  • Jang, Won-Joon & Song, Jae Pil & Kim, Mi Jung, 2023. "Climbing the Export Ladder: Government Support for Korean Defense Exports and the Path to Becoming a Big Four Exporter," Industrial Economic Review 23-4, Korea Institute for Industrial Economics and Trade.
    • Handle: RePEc:ris:kieter:2023_004
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    More about this item

    Keywords

    Korea; defense; defense exports; arms exports; weapons systems; weapons systems exports; global defense market; Big Four; NATO; COVID-19; US-China conflict; National Defense Authorization Act; global defense industry; defense spending; Redback; FA-50; K-2 MBT; K-9 howitzer; Cheonmu MRL; M-SAM;
    All these keywords.

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F17 - International Economics - - Trade - - - Trade Forecasting and Simulation
    • F18 - International Economics - - Trade - - - Trade and Environment
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F50 - International Economics - - International Relations, National Security, and International Political Economy - - - General
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions
    • F52 - International Economics - - International Relations, National Security, and International Political Economy - - - National Security; Economic Nationalism
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
    • F59 - International Economics - - International Relations, National Security, and International Political Economy - - - Other
    • H56 - Public Economics - - National Government Expenditures and Related Policies - - - National Security and War
    • H57 - Public Economics - - National Government Expenditures and Related Policies - - - Procurement
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems

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