Defence weapons’ global sale surges to $592 billion for 7th consecutive year in 2021:
Defence weapons’ global sale surges to $592 billion for 7th consecutive year in 2021
International sale of defence arms and ammunition has increased to $592 billion in 2021. The sale of military weapons has demonstrated growth for the seventh consecutive year in 2021.
American companies dominated the sale of weapons involving $300 billion in 2021.
The Stockholm International Peace Research Institute said that in 2021, the arms and weapons sale has increased by 1.9 percent over the preceding calendar year though the world experienced a global economic slowdown amid the Covid-19 pandemic.
According to report of SIPRI, the supply chain problems continued to hold back trade in 2021 and the situation is expected to worsen due to Russian invasion of Ukraine.
“We might have expected even greater growth in arms sales in 2021 without persistent supply chain issues,” Lucie Béraud-Sudreau, director of the SIPRI Military Expenditure and Arms Production Programme, said in a statement. “Both larger and smaller arms companies said that their sales had been affected during the year. Some companies, such as Airbus and General Dynamics, also reported labour shortages.”
According to SIPRi, was a significant supplier of the raw materials to manufacture arms to the western countries.
“This would undermine the United States and Europe’s efforts to boost their armed forces and to replenish their stockpiles,” it said.
