Arms sales grow despite supply chain challenges
December 5, 2022 - Sales of arms and military services by the top 100 weapons companies rose 1.9 percent to $592 billion in 2021, despite supply chain issues that held up shipments of critical components, according to the Stockholm International Peace Research Institute (SIPRI).
The increase in 2021 sales marked the seventh consecutive year of rising global arms sales, but SIPRI said difficulties with supply chains during the Covid-19 pandemic led to shortages of vital components.
Russia’s invasion of Ukraine in February 2022 was also increasing supply chain challenges for arms companies around the world, the SIPRI report said.
Companies in the U.S. dominated the list with sales of the 40 U.S. companies in the listing totalling $299bn in 2021, according to SIPRI.
But the report noted a large surge in sales from Chinese manufacturers, with the eight Chinese arms companies on the list having total arms sales of $109bn, an increase of 6.3 percent from the year before. Four of its manufacturers were in the Top 10.
There were 27 companies with headquarters in Europe in the top 100; their combined arms sales increased by 4.2 percent to reach $123bn.