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.
Hate speech targeting Muslims and Christians in India surged by 74% in 2024, driven by election-season rhetoric and unrest in neighboring Bangladesh, ...
At least 19 people were killed and 16 injured as two buildings collapased in Morocco's Fes city according to the state news agency....
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 10th of December, covering the latest developments you need to...
The world’s leading minds and voices will be honoured on Wednesday, 10 December, the anniversary of Alfred Nobel’s death, as Nobel Prizes are pres...
Artillery fire and ground skirmishes have erupted this week along the disputed border between Thailand and Cambodia, shattering a fragile ceasefire an...
Israeli Prime Minister Benjamin Netanyahu said on Tuesday that Israel will develop an “independent arms industry” capable of withstanding international constraints.
he U.S. State Department has approved the potential sale of Integrated Battle Command System Enabled PATRIOT missiles and related equipment to Denmark, valued at $8.5 billion, the Pentagon said on Friday.
The U.S. has approved major arms deals for Ukraine, including air defense systems and armored vehicles, totaling over $320 million, in a continued effort to bolster Kyiv's self-defense amid the ongoing war with Russia.
Scores of demonstrators gathered outside the Norwegian Nobel Institute in Oslo Tuesday (9 December) to protest against the awarding of this year’s Nobel Peace Prize to Venezuelan opposition leader Maria Corina Machado.
Authorities in Japan lifted all tsunami warnings on Tuesday following a strong 7.5-magnitude earthquake that struck off the northeastern coast late on Monday, injuring at least 30 people and forcing around 90,000 residents to evacuate their homes.
Pressure is mounting between Venezuela and the United States as both nations emphasise military preparedness and strategic positioning.
Tehran has protested to Washington because of the travel ban on its football team delegation as well as Iranian fans who would like to travel to the United States for the upcoming World Cup matches in 2026.
Iran and Saudi Arabia reiterated their commitment to enhance ties following a joint meeting with China in Tehran on Tuesday to follow up on implementation of the 2023 Beijing Agreement which resulted in resumption of their diplomatic relations after eight years.
China has carried out a major test of a new “super wireless” rail convoy, a technology that could reshape the future of heavy-haul transport.
Paramount Skydance (PSKY.O) has launched a $108.4 billion hostile takeover bid for Warner Bros Discovery (WBD.O). The escalation follows a high-stakes battle that had appeared to end last week when Netflix secured a $72 billion deal for the studio giant’s assets.
U.S. industrial production rose by 0.1% in September, rebounding after a decline in August, while capacity utilisation remained unchanged, according to Federal Reserve data on Wednesday.
Google’s YouTube has announced a “disappointing update” for millions of Australian users and creators, confirming it will comply with the country’s world-first ban on social media access for under-16s by locking affected users out of their accounts within days.
President of Turkmenistan Serdar Berdimuhamedow has signed the “On Virtual Assets” law, which will officially legalise cryptocurrency mining and exchange activities in the country from 1 January 2026.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment