Korea ramping up weapons sales

Korea ramping up weapons sales

Korea ramping up weapons sales

The highest growth in arms sales by a British company (43.2 per cent) was recorded by GKN, an aerospace components manufacturer.

The global arms industry is rising again. Although the researchers do not consider sales by Chinese companies due to lack of data, they note in the report that China's military spending "has increased nearly threefold between 2002 and 2016", and estimate that nine or 10 Chinese companies likely would be included in the top 100 list-with four to six in the top 20-if the data were publicly available.

Sales of weapons and military services by the world's largest defense contractors totaled $374.8 billion in 2016, a 1.9 percent increase from the previous year, according to the most recent worldwide arms industry data from Stockholm global Peace Research Institute.

The total for the SIPRI Top 100 in 2016 is 1.9 per cent higher compared with 2015 and represents an increase of 38 per cent since 2002 (when SIPRI began reporting corporate arms sales).

Arm sales by worldwide defense contractors have risen for the first time in five years, due in part to the mounting threat of North Korea's missile and nuclear ambitions, a Swedish think tank announced Monday.

U.S. companies' arms sales grew by 4% in 2016 at a combined total of $217.2bn and Germany saw a 6.6% rise in arms sales for the same year due to demands in Europe, the Middle East, and Southeast Asia. The Lockheed Martin, the world's largest arms producer, registered a sharp increase in sales by 10.7 per cent in 2016.

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Global arms sale is growing first time since 2010, as implementation of new national major weapon programmes, ongoing military operations in several countries and persistent regional tensions drive demand for weapons, a new study by Stockholm International Peace Research Institute (SIPRI) has found. SIPRI is an independent think tank that is dedicated to research on conflict, armaments, arms control and disarmament. The USA's share in over arms sale past year stood at around 58 per cent (57.9). This growth is primarily led by USA companies who control over half of world's arms sales.

SIPRI's report, published Monday, said the world's 100 biggest armaments groups sold weapons and weapons systems worth $375 billion in 2016, up 2 percent from 2015.

"Lockheed Martin, the world's largest arms producer, increased its arms sales by 10.7 percent in 2016, reaching $40.8 billion and significantly widening the gap between it and Boeing - the second-largest arms producer", it added.

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. 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. But, the SIPRI says that South Korea has dominated the emerging producers block with 20.6 per cent increase in sales of arms a year ago.

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