US, record profits from arms sales - Exports to allies increased by 29% in 2024
US arms sales to allied countries reached a record $318.7 billion in 2024. The increase in demand is related to the need to replenish stocks sent to Ukraine and the countries' preparations for possible conflicts.
U.S. military equipment sales to foreign governments in 2024 rose 29% to a record $318.7 billion, the State Department said. The increase reflects strong demand from countries looking to replenish supplies sent to Ukraine and prepare for other potential conflicts.
Figures from the final year of the Biden administration support expectations for higher sales for US arms manufacturers such as Lockheed Martin, General Dynamics and Northrop Grumman, whose shares are forecast to rise amid global volatility.
During his presidential campaign, Republican Donald Trump said allies should spend more on defense. He wants other NATO members to spend 5% of their gross domestic product on defense, a big increase from the current target of 2% and a level that no alliance country, including the United States, currently meets.
Defense contractors are scrambling to meet the surge in demand that has surged as a result of Russia's invasion of Ukraine. Global defense ministries are lining up to boost their inventories, while the United States is looking to replenish its stockpiles of weapons and ammunition sent to Kiev.
Arms sales and transfers are seen as "important tools of U.S. foreign policy with potential long-term implications for regional and global security," the State Department said in a statement.
Sales approved in 2024 included $23 billion in F-16 jets for Turkey, $18.8 billion in F-15 fighter jets for Israel, and $2.5 billion in M1A2 Abrams tanks for Romania.
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