SIPRI releases New data of Arms sales

The Stockholm International Peace Research Institute (SIPRI) has released new data of Arms Sales.

Key Points

• As per SIPRI data, despite the lockdown measures, general economic downturn and erratic supply chains due to the Covid-19 pandemic in 2020, the arms industry appears not to have been too highly affected.
• In 2020, sales of weapons and military services by 100 largest companies of the arm industry was at $531 billion. The sale has increased by 1.3 percent as compared to 2019.
• As per SIPRI, 2020 marked the sixth consecutive year of growth in arms sales by 100 largest companies of the arm industry, because sales were 17 percent higher as compared to in 2015 when SIPRI first included data on Chinese firms.

Which countries dominates arms trade?

• According to SIPRI, the United States has the highest number of companies featured among top 100 in arms sales. The arms sales of 41 US companies accounted for $285 billion. It increased by 1.9 percent as compared with 2019. These companies also responsible for 54 percent of top 100’s sales. Since 2018, top 5 companies in SIPRI’s ranking have been US-based.
• US is followed by top Chinese firms whose combined sales accounted for an estimated $66.8 billion in 2020. It was 1.5 percent more as compared to 2019. Chinese firms were responsible for 13 percent of the total top 100 companies’ sales in 2020.
• According to SIPRI report, 26 European arms companies have been featured among top 100 and they accounted for 21 percent of total arms sales. Sales by the European firm in top 10, increased by 6.6 percent, amounting to $24 billion.
• 7 British companies accounted for arms sales of $37.5 billion.

Scenario in Russia

Russian arms sales have decreased for the third consecutive year. The combined sales of 9 Russian companies in top 100 decreased to $26.4 billion in 2020, as compared to $28.2 billion in 2019

Month: Current Affairs - December, 2021