South Korea and Japan arms industries grow nearly as fast as Russia's

SIPRI study credits nearly 40% increase to bigger defense budgets and exports

Mitsubishi Heavy Industries is rapidly expanding its defense business, including increased production of missiles for the Japan Self-Defense Forces. (Photo from the Ground Self-Defense Force website)

JUNNOSUKE KOBARA, Nikkei staff writer.

December 2, 2024 17:52 JST

SEOUL -- The Japanese and South Korean defense industries are growing rapidly, with a survey by the Stockholm International Peace Research Institute (SIPRI) showing their sales surged by nearly 40% in 2023 from a year earlier.

The Swedish think tank released the survey on Monday, covering trends in the global defense industry. The combined sales of the world's top 100 arms-producing and military service companies rose by 4.2% in 2023.