Republic of Korea Air Force KF-21 fighter jet / Courtesy of Defense Acquisition Program Administration

Korea's total defense expenditures for 2023 were reported at $47.9 billion, ranking 11th in global defense spending, according to the latest data from the Korea Research Institute for Defense Technology Planning and Advancement.

According to the institute, total global defense spending in 2023 reached $2.443 trillion, with the U.S. accounting for 37 percent of the world's defense budget, amounting to $916 billion.

China followed with $296 billion, while Russia and India spent $109 billion and $83.6 billion, respectively. Korea ranked 11th globally, just behind Japan, which allocated $50.2 billion to defense.

As a percentage of its GDP, Korea's defense spending last year stood at 2.8 percent, maintaining a steady level of spending.

This figure represents a slight increase from 2.5 percent of GDP in 2014, marking a trend of gradual but consistent rises in defense expenditures over the past decade. Korea has maintained a defense spending ratio of 2.8 percent since 2020.

The country's relative defense spending compared to its GDP surpassed those of other major nations in the Asia-Pacific region, surpassing Taiwan (2.2 percent), Australia (1.9 percent), China (1.7 percent) and Japan (1.2 percent).

The amount is also notable for being higher than most NATO members, except for the United States, Britain and France, which allocate 3.4 percent, 2.3 percent and 2.1 percent of their respective GDPs to defense.

Korea's consistent defense investment comes as global military spending has surged amid growing security concerns, particularly in the wake of Russia's invasion of Ukraine.

The conflict has spurred NATO members and countries around the world to reconsider defense budgets. Ukrainian and Russian defense expenditures are at the highest global levels, with Ukraine spending an estimated 36.65 percent of its GDP on defense due to the ongoing war.