South Korea was rated the world’s fifth-largest conventional arms exporter in 2011 with transfer agreements worth $1.5 billion, according to a report released last week by the Congressional Research Service of the U.S.

Between 2004 and 2011, the nation ranked 10th in the world in arms sales with $9.2 billion. It was the eighth-largest importer with $7.3 billion.

The U.S. continued to dominate the global market topping the list with $66.3 billion in weapons transfer agreements or a 77.7 percent market share.

Developing nations continued to be the primary focus of foreign arms sales activity by weapons suppliers. During the years 2004-2011, the value of arms transfer agreements with those nations comprised 68.6 percent of all such agreements worldwide.

(From news reports)