12 December, 2017, 17:24 | Author: Darnell Patrick
Research by the Stockholm International Peace Research Institute (SIPRI), released Monday, studied the sales of arms and military services by the world's largest arms-producing and military service companies in 2016.
Seven South Korean arms groups rank among the Stockholm International Peace Research Institute's top 100 global arms producers.
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.
Overall, global sales of arms and military services have increased 38 percent since SIPRI began analyzing the data in 2002.
Though USA, Russia, China, France, and Germany accounted for 74 percent of the total volume of arms exports, a change was witnessed in arms exporters with South Korea maintaining its stand as an emerging arms supplier, whereas Germany and France seeing a decrease in arms sales. There were overall decreases in the arms sales of Trans-European, French and Italian companies, while companies in the United Kingdom and Germany recorded overall increases.
Germany registered an increase of 6.6 per cent in sale of weapons primarily on the account of sales of armoured vehicle producer Krauss-Maffei Wegmann and land systems producer Rheinmetall.
SIPRI said Japan's largest arms companies - including Mitsubishi Heavy Industries, Kawasaki Heavy Industries and Mitsubishi Electric Corp. - experienced sharp falls previous year. The arms sales of BAE Systems, the fourth largest arms producer globally, remained stable (up by 0.4 per cent).
The latest figures show that weapons sales in 2016 by the world's largest arms manufacturers exceeded the GDP of all but 26 of the world's nations according to World Bank statistics for 2016.
American defence firm Lockheed Martin - the world's largest producer - saw sales surge 11 per cent in 2016, thanks to increased deliveries of its F-35 fighter and its acquisition of helicopter producer Sikorsky. Sales by South Korean firms increased by over 20% in 2016, to $8.4 billion.
Over half the 20 weapon sellers listed by SIPRI in its report were U.S companies.
Having gone through a massive industrial development, South Korea is "increasingly using weapons and technology that can compete with what has been supplied by Europe and the US", said Mr Wezeman.
Companies from South Korea boosted their arms sales by 20.6 percent to $8.4 billion past year due to concerns over North Korea's missile and nuclear programs.
SIPRI's "other established producers" category covers companies based in Australia, Israel, Japan, Poland, Singapore and Ukraine.
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