Arms sales to fall next year for the first time
- Author:Ella Cai
- Release on:2017-07-21
Next year, for the first time, arms sales are to decline, says Jane’s.
Defence trade deliverables grew substantially in 2016. Markets expanded by $4.3 billion to hit $62.5 billion, as imports rose despite global defence spending falling between 2010 and 2013.
However the total export backlog – orders placed but yet to be delivered – has fallen by around five percent and is on track to decline rather than stabilize over the coming three years.
Middle East countries imported $21 billion in defence equipment in 2016 – one third of the entire global market – and will import at least $22 billion annually for the next four years.
Saudi Arabia increased its lead as top global importer, now importing nearly three times as much as its closest rival, India. This dominance is set to continue for at least five years with further large aviation, vehicle and naval orders.
The US remained the highest exporter in 2016, supplying $23.3 billion worth of military goods.
A weakening defence export order backlog points to a contraction in the market by 2018.
Defence trade deliverables grew substantially in 2016. Markets expanded by $4.3 billion to hit $62.5 billion, as imports rose despite global defence spending falling between 2010 and 2013.
However the total export backlog – orders placed but yet to be delivered – has fallen by around five percent and is on track to decline rather than stabilize over the coming three years.
Middle East countries imported $21 billion in defence equipment in 2016 – one third of the entire global market – and will import at least $22 billion annually for the next four years.
Saudi Arabia increased its lead as top global importer, now importing nearly three times as much as its closest rival, India. This dominance is set to continue for at least five years with further large aviation, vehicle and naval orders.
The US remained the highest exporter in 2016, supplying $23.3 billion worth of military goods.
