Saudi Arabia Takes Over India to Become Worldâ€™s Largest Military Equipment Importer
Published By : 09 Mar 2015 | Published By : QYRESEARCH
Reports state that Saudi Arabia is now the largest importer of defense equipment and United States’ number one trading partner for defense equipment, taking the top spot that India maintained all these years.
The global defense trade had increased consecutively for the past six years, and again increased in the year 2014, to $64.4 billion from $56.8 billion in 2013. This increase was however a trademark rise of nearly 13.4 percent in a year’s time. This record rise in trading for defense equipment has been chiefly driven by the consummate demand rise from emerging economies across the globe for defense equipment such as aircrafts and escalating regional tensions in the Asia Pacific and the Middle East.
Of all the global supply of defense equipments, the U.S. reportedly was the supplier of one third share of the exports and as such was the chief beneficiary of the reported growth. Saudi Arabia and United Arab Emirates imported nearly U.S. $8.6 billion worth defense systems together in the year 2014, more than defense equipment imported by the entire Western Europe. The biggest beneficiary of these imports remained U.S. with it accounting for nearly US$8.4 billion of the defense equipment imported by the Middle East.
Growth of defense equipment exports has been dramatic in the past few years, and the numbers are not going to see a decline in the near future as is suggested by recent orders. Saudi Arabia, already the largest importer of weapons, led to 54 percent more imports of military equipment between the years 2013 and 2014. Based on planned deliveries of military equipment, imports will increase by 52 percent, and amount to US$9.8 billion in 2015. This will mean that out of all the global money spent on defense equipment, one of every seven dollars will come from Saudi Arabia.