While the global international arms sale is in recession, the United States (US) is seeing booming sales on its arms deals.
According to Stocklytics.com, the United States accounts for 40% of all global exports in the 2018-2022 period, a notable 7% climb from the last period, 2013- 2017.
The US was the most significant arms provider in Saudi Arabia, Australia and Japan, highlighting the underlying pressure on countries to prepare for any future war eventualities.
The site’s financial analyst, Edith Reads, said, “For years, the United States has been at the pivotal centre of arms dealing while still escalating its military expenditure year after year.
“However, the issue of arms dealing extends beyond the United States as the number of arms recipients is still high. And while the number of global arms transfers slumped by 5.1%, it’s still unclear whether arms dealing will continue to subside over the next coming years, especially with no end in sight for the ongoing wars.”
Arms dealing in 2018-2022
Undoubtedly, the Russia-Ukraine war has caught the attention of many nations and consequently started another arms race. Ukraine, which barely stocked up any weapons, went up to be the third largest global importer of weapons in a couple of months in 2022. In the whole 2018-2022 period, it ranked 14th among significant arm importers.
However, the Russian-Ukraine war had an influence not just on Ukraine’s supplies but also on the entire world. In support of Ukraine, Russia faced severe trade sanctions and incessant pressure from world powers like the US; hence, its arms sales went down by nearly 6%, accounting for 16% of global exports. Its exports dwindled by a staggering 37%; in India, its largest arm recipient and its number of recipients went down to 8 from 10.
France took over a larger share of the Russian market as its exports rose by 44%, with 30% going to India, Russia’s biggest client. However, Russia did export more to Egypt and China, with imports rising by 44% and 39%, respectively. Consequently, in the interest of the war, European states’ imports rose by an astounding 47%.
On the other hand, Asia and Oceania remain the biggest markets for arms imports in 2018- 2022, contributing to 41% of all global imports. India, Australia, South Korea, Pakistan and Japan account for most of these imports. Countries South Korea, Australia and Japan had the highest rise in imports in East Asia, with the latest US transfer arm deals they made.
Why did the United States rank first in arms dealing in 2028-2022?
Nations South Korea, Australia and Japan increased their imports substantially in the wake of neighbors North Korea and China escalating their weapons stock. The move by China and North Korea to ramp up arms stock cultivated growing perceptions of threat among Japan, Australia and South Korea. The countries have sought more military assistance from the US, purchasing long-strike weapons from them in large numbers. Japan, for instance, increased its arms imports by over 171%.
Saudi Arabia is the world’s second-largest weapons importer, with most of its weapons coming from the United States. In a long-standing deal of oil in exchange for weapons, the two countries have had a fair share of partnerships over the years. As of 2021, 73% of Saudi’s arms imports came from the United States.
Global arms deals could potentially have disastrous effects in the forthcoming years. While selling arms is good for business and economic growth, countries need to proceed cautiously on what they use the weapons for and who they sell them to. The consequences of a wrongful sale could hit the world greatly.
