Global arms sales witnessed an increase to US$400 billion in 2014, with the United States continuing to dominate the market, along with its European allies the United Kingdom and France, according to a new report released Monday.
While the end of the Cold War meant smaller military budgets, spending picked up in the early 2000s and last year’s international arms sales were double those in 2001, according to the report, released Sunday by the Stockholm International Peace Research Institute.
With growing conflict in the Middle East and parts of Africa, many states increased their military spending, branching out to new customers.
While Western European nations and the United States saw a lag in sales last year, they still hold all top 10 spots. Seven of the top 10 producers are them from the U.S., as are about two-thirds of the top 100.