MercoPress. South Atlantic News Agency

US increases arms sales and share of world market in 2008

Sales totalled 37.8 billion USD or 68% of world total

United States not only increased its arms sales by nearly 50% last year but its share of world weapons sales also rose to more than two-thirds despite the global economic downturn, a newspaper reported Monday.

The US expanded its ranking as the top weapons supplier with sales of 37.8 billion US dollars in 2008, or 68% of the world total, up from 25.4 billion in 2007, said The New York Times, citing a report from the Congressional Research Service, considered the US Congress’ “think tank”.

The increases were seen despite a 7.6% drop in global arms sales to 55.2 billion.

US sales rose from major new orders from the Middle East and Asia and contracts with existing customers for equipment and support services, the agency’s report said.

Ranked second in global arms sales was Italy with 3.7 billion USD, followed by Russia with 3.5 billion. Russia saw a considerable drop from the 10.8 billion in weapons it sold in 2007, the report said.

The US also took the top spot in arms sales to developing nations, making 29.6 billion USD, or 70% of such sales.

The top buyers among developing nations last year were the United Arab Emirates with purchases of 9.7 billion, followed by Saudi Arabia at 8.7 billion and Morocco with 5.4 billion, the report said.