World: According to new international arms industry data released today by the Stockholm International Peace Research Institute (SIPRI), the Sales of arms and military services by the world’s largest arms-producing and military services companies totalled $374.8 billion in 2016.
After 5 consecutive years of decline, this is the first year of growth in SIPRI Top 100.
It is 1.9 % higher in 2016 compared to 2015 and shows an increase of 38% since 2002.
The arms sales of US companies grew by 4.0 per cent in 2016, with a combined total of USD 217.2 billion.
The sharp growth in arms sales reported by the American companies is attributed to US military operations overseas and acquisitions of large weapon systems by other countries have driven this rise.
The British companies reported 2 per cent increase in sales of arms while more variations were seen in other major exporters of weapons including France, Italy and Germany.
Germany registered an increase of 6.6 per cent in sale of weapons primarily on the account of sales of armoured vehicle producer Krauss-Maffei Wegmann and land systems producer Rheinmetall.
According to SIPRI analysis, Russian firms rose by 3.8 per cent with USD 26.6 billion arms sale in 2016.
South Korea has dominated the emerging producers block with 20.6 per cent increase in sales of arms last year.
Japan reported negative increase of -6.4 per cent. Decline in Japan’s arms sale volume is chiefly attributed to sharp falls in sales of Mitsubishi Heavy, Kawasaki Heavy Industries and Mitsubishi Electric Corporation. Japan is clubbed with Australia, Israel, Poland, Singapore and Ukraine under other established producers’ category.