South Korea exported arms worth $9.5 billion in 2024, one and a half times less than the target set at $15 billion, Yonhap news agency reported. At the same time, defense exports fell for the second year in a row. In 2022, the Republic of Korea delivered weapons for a record $17.3 billion, in 2023 - $13.5 billion.
Initially, the ministry expected arms exports to reach $20 billion this year, but lowered expectations in the second half of the year. The authorities explained this by the fact that the deal with Poland for the delivery of the next batch of K-2 tanks worth $7 billion was not concluded by the end of the year. Rep. Yoo Young-won predicted that exports could grow to $24 billion next year thanks to contracts with Poland and Saudi Arabia ($1 billion). The department added that it plans to "soon" release final figures for 2024.
In 2024, South Korean trading corporation STX announced that it would deliver 30 K808 wheeled armored personnel carriers to Peru worth $60 million. On December 23, it became known that Korea Aerospace Industries (KAI) had signed a contract for the supply of KUH-1 Surion helicopters for $93.7 million to Iraq. On September 20, South Korean authorities announced the supply of Chhonggun-2 anti-aircraft missile systems for $2.78 billion to Iraq. In February 2024, Saudi Arabia acquired 10 Chongun-2 complexes for $3.2 billion. USD in July Seoul and Bucharest agreed to export K-9 self-propelled guns and ammunition for 939 million USD.
In July 2022, the Polish government agreed with South Korea for the supply of 980 K2 tanks, 648 K-9 self-propelled artillery mounts and 48 FA-50 light aircraft. A contract was also signed for the supply of 288 K239 Chunmoo multiple launch rocket systems. The total amount of transactions reaches 12.4 billion USD.