This file photo shows a Redback infantry fighting vehicle developed and exported by Hanwha Aerospace. Korea is solidifying its position as a major player in the global arms market, as its exports are estimated to exceed the $10-billion mark for the second consecutive year. Courtesy of Hanwha Aerospace

Korea is solidifying its position as a major player in the global arms market as its exports are estimated to exceed the $10-billion mark for the second consecutive year, with the number of importers having tripled.

According to the Ministry of National Defense on Wednesday, Korean companies signed nearly $14 billion worth of weapons deals so far in 2023. This figure was a little shy of a record high of more than $17 billion the previous year, which was largely attributed to $13 billion worth of contracts with Poland.

Given that arms exports to the European nation accounted for 72 percent of last year's total, this year's performance has been impressive and is a positive sign for Korea's prospects as a rising weapons maker and exporter, according to officials.

Ministry officials told reporters that one of the biggest accomplishments this year was to triple the number of Korea's partner countries to 12. New importers include the United Arab Emirates, Saudi Arabia and three members of NATO ― Norway, Estonia and Finland. The number of armament types exported from Korea increased from six to 12.

With another set of megadeals with Poland gaining traction, the size of its arms exports will likely surpass the $20-billion mark for the first time next year, officials said.

The government previously estimated that reaching that figure would be possible within this year. An official said a delay in additional sales contracts with Poland was the main reason for missing the goal, adding that the second round of deals could be finalized as early as the first quarter of 2024.

"Given that Poland is a key partner in the defense industry, we will try our best to reflect its demand on local production," the official said.

Last year, Poland signed deals with Korean weapons manufacturers to procure K-2 tanks, K-9 self-propelled howitzers, K-239 Chunmoo multiple rocket launchers and FA-50 light attack aircraft to bolster its defenses amid growing tensions following Russia's invasion of Ukraine.

Since then, the companies have expanded their global presence. Earlier this month, Hanwha Aerospace clinched a $2.4 billion contract to sell 129 Redback infantry fighting vehicles to Australia. In February, Korea Aerospace Industries, the nation's only full-scale aircraft maker, signed a $920 million contract to sell 18 FA-50 light attack aircraft to Malaysia.

In close cooperation with the government, Korean arms makers aim to carve out a five percent share of the international export market by 2027 to become the fourth-largest defense exporter after the U.S., Russia and France.

Achieving that feat may not be impossible as the rising demand for weapons, prompted and accelerated by wars in Ukraine and in the Middle East, opens new opportunities for Korean companies as top exporters such as the U.S. and Russia struggle to produce enough for themselves and their allies, according to experts.

Many countries in Eastern Europe, armed mostly with Soviet-era weapons, are now seeking to replace them. Others in the West and Southeast Asia are trying to diversify the sources of their arms amid geopolitical uncertainties, they said.

"With the proven quality of its military hardware and the ability to deliver them fast, Korea is in a good position to continue to expand its presence globally," a defense company official told The Korea Times.