Report: Korea Ranks 11th in World Defense Spending

      June 10, 2009 11:11

      Korea spent US$24.2 billion on defense in 2008, up seven percent from $22.6 billion in 2007, according to an annual report released by the Stockholm International Peace Research Institute on Tuesday. This makes Korea the 11th largest defense spender in the world. Korea is also the third largest arms importer after China and India.

      The top 10 countries in terms of defense money spending were: the United States, China, France, the United Kingdom, Russia, Germany, Japan, Italy, Saudi Arabia and India. The U.S. spent US$607 billion last year, accounting for 42 percent of the world's total, and larger than the combined total of the other top 14 countries. China spent US$84.9 billion, overtaking France to claim the second position for the first time.

      The world's five largest exporters of conventional arms between 2004 and 2008 were the United States (31 percent), Russia (24 percent), Germany (10 percent), France (8 percent) and the United Kingdom (4 percent). The five largest importers were China (11 percent), India (7 percent), Korea (6 percent), United Arab Emirates (6 percent) and Greece (4 percent). Korea imports 73 percent of its arms from the United States.

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