Global weapons sales rise for first time since 2010

2016's increase in weapons sales was the first time a rise occurred after five consecutive years of decline

2016's increase in weapons sales was the first time a rise occurred after five consecutive years of decline

The Stockholm International Peace Research Institute (SIPRI) - behind the survey - said in a statement Monday that sales of arms and military services by the world's largest arms-producing and military services companies - the SIPRI Top 100 - totaled $374.8 billion previous year, excluding China.

Seven South Korean arms groups rank among the Stockholm International Peace Research Institute's top 100 global arms producers. This is the first annual increase after a five-year consecutive decline.

The total arm sales were equivalent to almost 0.5 percent of global Gross Domestic Product, up 38 percent since 2002, Anadolu Agency reported.

Russian arms manufacturers who are close third to the USA and European companies recorded combined sales of $26.6 billion in 2016, a 7 percent growth.

The UK's decision to withdraw from the European Union did not seem to have an impact on the arms sales of British companies, which rose by 2.0 per cent in 2016.

"Continuing and rising threat perceptions drive South Korea's acquisitions of military equipment, and it is increasingly turning to its own arms industry to supply its demand for weapons", said SIPRI senior researcher and report co-author Siemon Wezeman, pointing to the mounting nuclear tensions between North Korea and the United States, a long-time ally of South Korea.

North Korea: Urgent need to open channels, United Nations says after visit
Ri held a conversation with Feltman, who also paid a courtesy visit to the Supreme People's Assembly (North Korea's Parliament). North Korea is pursuing nuclear and missile weapons programs in defiance of United Nations sanctions and global condemnation.

Despite the global rise in arms sales, researchers suggest the increase could have been even higher if traditional weapons importers hadn't run out of funds.

The combined arms sales of Russian companies listed in the SIPRI Top 100 increased by 3.8 per cent, amounting to $26.6 billion in 2016. This is nearly 2 per cent (1.9) higher compared to 2015 data. Russian Federation accounts for over seven per cent of total arms sale on the planet, according to the SIPRI analysis.

Brazil, India, South Korea and Turkey are categorized as "emerging producers" of weapons as they increase their output and share of the worldwide weapons dealing industry.

SIPRI's "other established producers" category covers companies based in Australia, Israel, Japan, Poland, Singapore and Ukraine.

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.

Considering more than half of SIPRI's top 20 weapons sellers are based in the United States-including Lockheed Martin, Boeing, Raytheon, and Northrop Grumman in the top five-the report declares the US has a "decisive influence on the global trend".

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