Global arms sales surged 4.2% in 2023, reaching $632 billion, driven by conflicts, rearmament, and geopolitical tensions, a SIPRI report reveals.
Global arms sales by the top 100 manufacturers rose by 4.2% year-on-year to $632 billion in 2023, according to a SIPRI report.
Companies in Russia and the Middle East recorded the sharpest revenue increases, driven by heightened demand linked to conflicts in Gaza and Ukraine, East Asian tensions, and global rearmament efforts.
Nearly three-quarters of the top arms producers reported growth, with revenues recovering after a dip in 2022. However, firms like Lockheed Martin and RTX faced declines due to supply chain issues affecting aeronautics and missile production.
US-based companies, accounting for 50% of global arms revenues, reached $317 billion, while European producers saw marginal growth, focusing on older contracts. In contrast, Germany, Sweden, and Eastern European manufacturers experienced significant gains due to the Ukraine war’s demand for munitions and defence systems.
Russian companies saw a 40% increase in revenue to $25.5 billion, with Rostec leading the surge through increased production and modernisation of military equipment. Asian arms makers reported a 5.7% revenue hike to $136 billion, driven by South Korea and Japan’s military build-ups.
Middle Eastern firms grew by 18% to $19.6 billion, with Israeli arms producers setting revenue records amid the Gaza conflict. Türkiye's Baykar, known for UAV exports, saw its revenues rise by 25% to $1.9 billion, with exports constituting 90% of sales.
SIPRI anticipates continued growth in 2024 as demand intensifies across regions.
Uzbekistan and Georgia have launched an electronic permit system for international road freight, replacing paper documents in a move aimed at speed...
Kazakhstan accounts for 45% of Central Asia’s road and rail infrastructure investment, with around $32.3 billion committed as the region expa...
Türkiye said on Thursday it would continue helping Syria strengthen its military, despite rising tensions with Israel over Ankara’s role...
Shipping traffic through the Strait of Hormuz remains limited on Thursday, with no increase in vessel crossings as U.S.-Iran talks to resolve the conflict remained stalled. Nine commodity vessels transited the key waterway on Wednesday, unchanged from the previous day, according to Kpler data.
Shipping through the Strait of Hormuz has slowed, according to the latest data, as uncertainty over the waterway’s reopening kept most shipowners away. Six commodity vessels crossed the strait on Tuesday, down from nine the day before and below the 10-day daily average of 11.
Russia is open to listening to new proposals on how to reach a settlement on the Ukraine conflict, a senior Russian diplomat said, but any proposals should reflect the "realities on the ground".
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 20th of August, covering the latest developments.
Five years after Evergrande's debt crisis rattled global markets, founder Hui Ka Yan has been sentenced to life in prison, marking a dramatic new chapter in the downfall of China's former property giant.
Once associated mainly with Muslim-majority countries, Islamic finance has become a global industry. Its assets reached around $5.98 trillion in 2025, according to ICD–LSEG, as more countries explore Shariah-compliant finance.
Fuel restrictions have returned to parts of Moscow and the surrounding region, adding another strain to Russia’s economy as refinery outages and rising imports weigh on the rouble.
Azerbaijan exported goods worth $17.372 million to Armenia between January and July 2026, according to data from the State Customs Committee, as commercial ties between the two South Caucasus neighbours showed signs of expansion.
Online fast-fashion platform Shein lost a London copyright lawsuit against rival Temu on Thursday over photographs used to promote some products.
Norway’s $2.3 trillion sovereign wealth fund has revealed a 0.05 per cent stake in SpaceX worth $1.22 billion, marking its first reported holding in Elon Musk’s space company.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment