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US Arms Sales Increased By 35 Percent

Despite stagnant international market and increasing competition among arms exporters US arms sales has increased by 35% in 2014.  According to US congressional report, foreign arms sales rose by nearly 10 billion dollar from 26.7 billion Dollar to 36 billion dollar.

South Korea, Saudi Arabia and Qatar are among the top purchasers of American firearms which sealed multibillion dollar agreements during 2014.

It is to be mentioned that in 2014, USA ranked number one arms exporter, making up more than 50 percent of the world market, followed by Russia, who had roughly $10 billion in sales.

Sweden was third with roughly $5.5 billion in sales, followed by France with $4.4 billion and China with $2.2 billion.

On the other hand, South Korea was the world’s top firearms purchaser in 2014 with contracts exceeding $7.7 billion, more than $7 billion of which was from US contracts.

Iraq ranked second in the world with $7.3 billion in weapons purchases from different sources.

Brazil was third with $6.5 billion worth of purchase agreements, primarily for Swedish aircraft.

Total global arms sales rose slightly in 2014 to $71.8 billion, from $70.1 billion in 2013.

[Source: The Nation, Reuters, New York Times]