Tuesday, December 12, 2017

US Weapons Industry led Global Arms in 2016

Despite a slump in the global arms industry for five consecutive years, in 2016, arms producers world over saw US$375 billion in profits, with the U.S. weapons industry claiming over half the global sales. U.S. companies' sales rose by four percent. U.S. weapons producers which claimed the largest share of sales, about 58 percent, racked up $217 billion of sales.

Lockheed Martin, Boeing, Raytheon, and Northrop Grumman ranked among the top five, with Lockheed Martin being the world's top arms producer.
Earlier in September, the U.S. Senate approved a US$700 billion dollar military-spending bill for 2018. The defense bill will pump nearly US$634 billion into the fiscal year 2018 for key Pentagon operations, with about US$66 billion alone for the war operations in Afghanistan, Iraq, Syria and other countries.

Sales of arms and military services world over increased by 38 percent since SIPRI started its analysis in 2002. The researchers also noted that China's military spending "increased almost threefold between 2002 and 2016,"