Foreign

U.S. firms dominate global sales of military equipment, services – Report

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Defense firms in the U.S. accounted for more than half of the global sales of military equipment and services by the world’s top 100 arms groups in 2018.


Stockholm International Peace Research Institute (SIPRI), a Swedish-based institute made this known on Monday.

The institute added that global sales were worth 420 billion dollars in 2018, the most recent year it covered.

The top 100 list included 43 U.S. companies.

They accounted for 59 per cent of global arms sales with sales of 246 billion dollars.

Combined sales of the 10 Russian firms on the top 100 list accounted for almost 9 per cent of global sales, a slight drop compared to 2017.

Of the top 100 global defence companies, 70 were based in the U.S. and Western Europe.

They accounted for about 83 per cent of global sales for 2018, according to SIPRI’s estimates.

As in past years, SIPRI said it did not include firms in China, citing lack of data.

Lockheed Martin cemented its position as the world’s largest arms seller with 11 per cent of global sales.

SIPRI said that the maker of the F-35 combat aircraft had sales of 47.2 billion dollars.

Created in 1966 by the Swedish parliament, SIPRI tracks military spending and arms transfers.

YEE

Edited by: Emmanuel Yashim
(NAN)

https://nnn.ng/u-s-firms-dominate-global-sales-of-military-equipment-services-report/

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