Global arms sales increase due to war and conflict

Sales of the world's major arms manufacturers increased last year due to demand from the war in Ukraine and the Gaza conflict.

War in Ukraine to boost arms sales in 2023

AFP today, December 2, quoted a report by the Stockholm International Peace Research Institute (SIPRI, Sweden) recording that the revenue of weapons and military services of the world's top 100 contractors reached 632 billion USD in 2023, an increase of 4.2% compared to the previous year.

Industry revenue fell in 2022 as global arms makers struggled to meet demand from countries, but many contractors managed to increase production last year.

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In a sign of continued demand for weapons due to wars and conflicts, all 100 companies recorded sales exceeding $1 billion for the first time in 2023.

"Arms sales increased in 2023 and this trend is likely to continue in 2024," AFP quoted Lorenzo Scarazzato, a researcher at SIPRI.

Mr Scarazzato added that the figures from the world's top 100 companies still do not fully reflect the true scale of demand from countries, and many companies are hiring more staff to increase weapons production.

Among the top contractors on the list, US companies saw their revenues increase by 2.5% and accounted for half of the global arms trade. The US now has 41 manufacturers in the top 100.

In Europe, home to 27 of the top 100 manufacturers, contractors saw their revenue rise by an average of just 0.2%. However, these companies were still in the process of fulfilling old contracts last year, so 2023 revenue does not really reflect actual demand.

At the same time, companies in Russia and the Middle East saw strong revenue growth.

The figures from Russia, although incomplete, show that the revenue of the two companies that made it into the top 100 increased by 40%. Meanwhile, the revenue of contractors in the Middle East increased by an average of 18%.

In Asia, the rearmament trend is particularly evident in the figures for the four South Korean manufacturers, with sales up 39% on average, and up 35% for the five Japanese manufacturers.

Meanwhile, 9 Chinese companies, although their revenue growth rate was only 0.7%, their sales still reached 103 billion USD in 2023.

Source: https://thanhnien.vn/doanh-thu-vu-khi-toan-cau-tang-vi-chien-su-xung-dot-185241202072503769.htm