US Arms Sales Jump 29% in 2024 to Record $318.7 Billion
The US government sold a record amount of military equipment to other countries in 2024, with sales reaching $318.7 billion. This is a 29% increase from the previous year.
Many countries are buying more arms because they want to restock supplies sent to Ukraine and prepare for potential large-scale conflicts. The Biden administration’s final-year figures are expected to help US defense manufacturers like Lockheed Martin, General Dynamics, and Northrop Grumman.
US President Donald Trump called on US allies to invest more in their defenses during his campaign. He proposed raising NATO’s defense spending target to 5% of GDP, which is a significant increase from the current goal.
Russia’s full-scale invasion of Ukraine has put pressure on defense contractors to keep up with demand. Governments are submitting orders to bolster their military stocks, while the US works to replenish its own supplies sent to Kyiv.
The State Department said arms sales and transfers are “important U.S. foreign policy tools with potential long-term implications for regional and global security.”
Some notable deals in 2024 include:
* $23 billion in F-16 jets and upgrades for Turkey
* $18.8 billion in F-15 fighter jets for Israel
* $2.5 billion in M1A2 Abrams tanks for Romania
These orders contribute to the growing backlog for US defense companies, which are expected to benefit from future quarters’ sales.
Direct commercial sales reached $200.8 billion in fiscal 2024, up from $157.5 billion in 2023. Meanwhile, government-facilitated foreign military sales rose to $117.9 billion, compared to $80.9 billion the previous year.
US arms exports have surged due to Russia’s invasion of Ukraine, and are expected to continue rising as global instability increases.
