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.
The European Union has praised Armenia’s recent steps towards fostering stability in the South Caucasus, particularly its efforts to normalise relat...
UN Secretary-General Antonio Guterres said on Monday that only 35% of the Sustainable Development Goals (SDGs) are currently on course to meet their t...
US President Donald Trump warned on Monday that if no agreement is reached within 50 days to end the war in Ukraine, the US will impose 100% secondary...
On 13 July, a plane crash near London’s Southend Airport resulted in the deaths of four people. Essex Police confirmed that all the deceased were fo...
On Monday, Wall Street stocks closed with modest gains as investors largely shrugged off US President Donald Trump’s latest tariff threats, focusing...
Tesla’s new car sales in Europe plunged 27.9% in May, even as the region saw a major rise in demand for electric vehicles, data from the European Automobile Manufacturers Association (ACEA) showed.
Sales of electric and hybrid vehicles in China saw a strong year-on-year growth in May, boosted by government-backed trade-in programs designed to stimulate domestic consumption.
U.S. retail sales in February edged up by 0.2% as consumers pulled back on discretionary spending, signaling cautious optimism amid a broader economic backdrop marked by tariffs and federal workforce cuts.
UK retail sales unexpectedly fell 0.3% in December, following a revised 0.1% rise in November. The decline, driven by weak food sales, adds to concerns about the economy and raises expectations for a Bank of England interest rate cut next month.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
Dozens of international and domestic flights were cancelled or delayed after Mount Lewotobi Laki Laki erupted on Monday, but Bali’s main airport remains operational.
Authorities in North Carolina are investigating three potential storm-related deaths linked to severe flooding from the remnants of Tropical Storm Chantal, officials said Tuesday.
A man was gored and seven others injured during the adrenaline-charged second day of Spain's iconic San Fermin bull running festival in Pamplona.
An Italian court has placed LVMH group's high-end Italian cashmere firm Loro Piana under judicial administration for a year after allegedly uncovering worker abuse inside its supply chain, in the latest in a string of cases that have tainted the image of Italy's luxury brand
A Moscow court has ruled that the assets of U.S.-owned canned food company Glavprodukt be handed over to the Russian state, the TASS news agency reported late on Friday, ending a months-long legal tussle over the company.
U.S. shoppers spent a record $24.1 billion online between 8 and 11 July as 'Black Friday-in-summer' discounts sparked a 30 % year-on-year jump, according to Adobe Analytics.
According to a Wall Street Journal report on Saturday, SpaceX is investing $2 billion into xAI as part of a broader $5 billion equity funding round, strengthening the connection between Elon Musk’s various ventures.
European shares dropped on Friday after President Donald Trump intensified tariff threats against the EU, casting doubt on trade talks and dampening investor confidence.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment