AdvertisementSouth Korean and Japanese arms dealers are growing almost on pace with Russia's top defense firms. The top defense manufacturing firms in both South Korea and Japan saw growth rates of nearly 40% in 2023, nearly on pace with that of the top arms dealers in Russia, per a new report. It brought in $5.71 billion in arms revenue in 2023, up 52.7% from $3.74 billion in 2022, per SIPRI. AdvertisementRostec's arms revenue grew 49.3% in 2023 to $21.7 billion, up from $14.5 billion in 2022, per SIPRI. It earned $3.7 billion in arms revenue in 2023, just 1.9% up from 2022.

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Persons: —, Xiao Liang, it's, Liang, Hanwha, Artur Widak, SIPRI Organizations: Stockholm International Peace Research Institute, Japan South, South, Hanwha, Hyundai Rotem, DSME, Mitsubishi Heavy Industries, Fujitsu, Tactical Missiles Corporation, United Shipbuilding Corp Locations: South Korea, Japan, Russia, Stockholm, Korea, Ukraine, Russian, Europe, Poland, Seoul