⏳ Final hours! Save up to 60% OFF InvestingProCLAIM SALE

European arms imports climb, U.S. dominance in exports grows - think tank

Published 03/12/2023, 07:16 PM
Updated 03/12/2023, 07:21 PM
© Reuters. FILE PHOTO: Patriot air defence system with a view of Warsaw skyscrapers in the background is seen during Polish military training on the missile systems at the airport in Warsaw, Poland February 7, 2023. REUTERS/Kacper Pempel/File Photo

STOCKHOLM (Reuters) - European states increased their imports of major weaponry by 47% in the five years to 2022, while the United States' share of global arms exports rose to 40% from 33%, a leading conflict think-tank said on Monday.

Russia's invasion of Ukraine last year, following years of growing tensions, has prompted European countries to rush to bolster their defences.

"Even as arms transfers have declined globally, those to Europe have risen sharply due to the tensions between Russia and most other European states," Pieter D. Wezeman, Senior Researcher with the Stockholm International Peace Research Institute (SIPRI), said in a statement.

SIPRI defines major arms as aircraft, warships, tanks, artillery, missiles and various heavy defence systems.

European states in the U.S.-led NATO alliance increased their arms imports by 65% from the previous five-year period. But worldwide, international arms transfers fell 5.1%, according to SIPRI.

The United States and Russia have been the world's largest and second-largest arms exporters for the past three decades.

U.S. arms exports increased by 14% from 2013-17, and the U.S. accounted for 40% of global arms exports. Russia's share fell to 16% from 22%.

© Reuters. FILE PHOTO: Patriot air defence system with a view of Warsaw skyscrapers in the background is seen during Polish military training on the missile systems at the airport in Warsaw, Poland February 7, 2023. REUTERS/Kacper Pempel/File Photo

"It is likely that the invasion of Ukraine will further limit Russia's arms exports," SIPRI's Siemon T. Wezeman said. "This is because Russia will prioritize supplying its armed forces and demand from other states will remain low due to trade sanctions on Russia."

In 2022, SIPRI warned that the global nuclear arsenal was likely to grow in the coming years.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.