Fresh figures indicate that major arms-producing firms and military service providers in the United States and West European countries dominated the global arms market in 2013.
According to a report released by the Stockholm International Peace Research Institute (SIPRI) on Monday, sales of military hardware and services by the world’s top 100 arms firms stood at USD 402 billion in 2013, down two percent compared to the previous year.
The Sweden-based institute listed the top 100 arms companies, 38 of which were based in the United States, one in Canada, and 30 in Western Europe, making up almost 85 percent of the 2013 global arms sales.
The 10 biggest arms sellers accounted for half of last year’s arms sales. US-based Lockheed Martin kept the top spot ahead of its American rival Boeing and UK-based BAE Systems.
The report further said sales of the 10 Russian firms on the list reached USD 31 billion, up 20 percent from 2012.
“Russia’s military budget is increasing,” said SIPRI researcher Siemon Wezeman, adding that the country “is serious about modernizing its armed forces.”
However, Chinese companies were absent from the top 100 list due to lack of reliable data. The institute said nine Chinese arms firms could likely be included in the list.
MKA/NT/AS
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