In this article, we will be covering the 30 countries that export the most weapons in the world. If you want to skip our detailed analysis of the global defense market, you can go directly to 5 Countries That Export The Most Weapons in the World.
In one of our previous articles, we discussed the top weapon importing countries in the world. In this piece, we will be looking at the 30 countries that export the most weapons in the world.
The global defense market is a vast and complex industry, encompassing a wide range of organizations and corporations that manufacture and supply military equipment and services. The industry is worth billions of dollars, and it plays a huge part in the security and stability of the world.
The Global Defense Market: An Analysis
According to a report by Research and Markets, the global defense market was valued at $474.69 billion in 2021. The market is expected to grow at a compound annual growth rate (CAGR) of 5.8% during 2021-2031, propelling it to reach above $838 billion by the end of the forecast period. Government initiatives, technological advancements, military modernization programs, and increasing internal and external security threats are all key factors driving market growth. Growing geopolitical tensions, especially between major powers, such as the US, Russia and China, are leading countries to increase their spending on defense and military.
According to a report by the Stockholm International Peace Research Institute (SIPRI), total global military expenditure reached a new high of $2.24 trillion in 2022, with the US having the highest military spending of any nation. In 2022, US military spending reached $877 billion which was around 39% of the total global military spending. Increased military spending translates into more orders and contracts for corporations operating in the defense market. Let’s take a look at some major players in the defense industry.
What are Some of the Biggest Names in the Defense Market Up To?
While the global defense market is highly concentrated, some of the most notable names in this industry are Lockheed Martin Corporation (NYSE:LMT), Northrop Grumman Corporation (NYSE:NOC), and Raytheon Technologies Corporation (NYSE:RTX).
Raytheon Technologies Corporation (NYSE:RTX) is one of the largest aerospace and defense manufacturers. On June 20, Reuters reported that Raytheon Technologies Corporation (NYSE:RTX) has been awarded a contract from the US Air Force worth $1.15 billion for its AIM-120 D-3 and C-8 AMRAAM (Advanced Medium Range Air-to-Air Missiles). The report also mentions that defense budgets have skyrocketed as the West rushes weapons to Ukraine and increases investment in future development programs. The contract for supplying missiles to the US Air Force also includes providing missiles to the US Navy and AMRAAM to 18 different countries, including Ukraine.
Northrop Grumman Corporation (NYSE:NOC) is a US-based multinational aerospace and defense technology company. On October 4, Northrop Grumman Corporation (NYSE:NOC) announced that it has been awarded a contract from the US Navy to develop the newly designed 57mm guided high explosive ammunition, which is designated for use with the Ml110 Naval Gun Mount. Northrop Grumman Corporation (NYSE:NOC) will test and refine the ammunition to ensure that it meets the Navy’s requirements.
Lockheed Martin Corporation (NYSE:LMT) is an American aerospace, arms, defense, and technology corporation that is also responsible for leading the F-35 production effort. On October 1, Lockheed Martin Corporation (NYSE:LMT) reported that Denmark received its first 4 permanently based F-35A Lightning II aircrafts. The report also mentions that while Denmark has taken delivery of 10 F-35s up until the present time, the country has plans to purchase a total of 27 F-35 aircrafts.
Here are some comments from Lockheed Martin Corporation’s (NYSE:LMT) Q3 2023 earnings call:
“The superior technological capabilities of the F-35 continue to generate strong interest both domestically and internationally. In September, Denmark’s first four locally based F-35 aircraft arrived on their home soil. Denmark’s program of record calls for 27 F-35A aircraft. Also in September, the Czech Republic chose to become part of the global F-35 Lightning II program, and the U.S. State Department approved a possible $5 billion foreign military sale to South Korea for up to 25 F-35 Joint Strike Fighters. Earlier in the quarter, Israel announced that we’ll buy an additional 25 F-35, which will add a third squadron and increased its F-35 fleet to 75 aircraft.”
On October 17, Lockheed Martin Corporation (NYSE:LMT) reported strong earnings for the fiscal third quarter of 2023. The company reported earnings per share (EPS) of $6.77, surpassing EPS estimates by $0.13. The company reported a revenue of $16.88 billion and outperformed revenue estimates by $155.74 million.
Now that we have looked at the latest market trends in the defense market, let’s take a look at the 30 countries that export the most weapons in the world.
30 Countries That Export The Most Weapons in the World
Methodology
In this article, we have listed 30 countries that export the most weapons in the world. To rank the top 30 arms exporting countries in the world, we consulted the Stockholm International Peace Research Institute (SIPRI) – Arms Transfers Database. We narrowed down our selection to rank the top 30 weapon exporting countries in the world based on their share of global arms exports during 2018-2022, which are listed below in ascending order of the metric.
30 Countries That Export The Most Weapons in the World
30. Denmark
2018–2022 Share Of Global Arms Exports: 0.08%
First up on our list of 30 countries that export the most weapons in the world is Denmark. Denmark is a Scandinavian country and shares its only land border with Germany. Denmark had a 0.08% share in the global arms exports between 2018-2022.
Some of the top stocks in the global defense market to consider researching and investing in include Lockheed Martin Corporation (NYSE:LMT), Northrop Grumman Corporation (NYSE:NOC), and Raytheon Technologies Corporation (NYSE:RTX).
29. Finland
2018–2022 Share Of Global Arms Exports: 0.08%
Finland is a country in Northern Europe and it shares a border with its three neighbors, Norway, Sweden, and Russia. Finland had a 0.08% share in the total global arms exports between 2018-2022.
28. Iran
2018–2022 Share Of Global Arms Exports: 0.09%
Iran is a country in West Asia. The country shares a border with a number of countries including Iraq, Pakistan, Afghanistan, Turkey, and Armenia. Iran supplied 0.09% of the world’s total arms exports in 2018-2022.
27. India
2018–2022 Share Of Global Arms Exports: 0.19%
India ranks high among the most populated and largest countries. India shares land borders with China and Pakistan, among other countries. Between 2018-2022, India had a 0.19% share in the total global arms exports.
26. Czechia
2018–2022 Share Of Global Arms Exports: 0.2%
Czechia, also known as the Czech Republic, is a landlocked country in Central Europe that shares its borders with Poland, Germany, Austria, and Slovakia. Czechia is a significant EU exporter of defense and military equipment. During 2018-2022, Czechia had a 0.2% share in the total global arms exports.
25. Jordan
2018–2022 Share Of Global Arms Exports: 0.22%
Jordan is a country in the Middle East that ranks among the top 25 countries that export the most weapons in the world. Jordan supplied 0.22% of the world’s total arms exports in 2018–2022. During this time, the US was the main recipient, receiving 61% of Jordan’s arms exports.
24. Belgium
2018–2022 Share Of Global Arms Exports: 0.23%
Belgium is a country in Western Europe. The capital city of Belgium, Brussels, is home to headquarters of the European Union and NATO. Belgium accounted for 0.23% of the world’s total arms exports in 2018-2022. During this period, Saudi Arabia was the largest recipient of Belgium’s arms exports, receiving around 35% of Belgium’s total arms exports.
23. Brazil
2018–2022 Share Of Global Arms Exports: 0.26%
Brazil ranks among the largest and most populated countries in the world. Brazil supplied around 0.26% of the world’s total arms exports in 2018-2022. During this period, France in Europe was the largest recipient, receiving around 25% of Brazil’s total arms exports.
22. Norway
2018–2022 Share Of Global Arms Exports: 0.27%
Norway is a Scandinavian country and it shares land borders with Sweden, Finland, and Russia. Norway supplied 0.27% of the world’s total arms exports in 2018–2022. During this time, the US was the biggest recipient, receiving 27% of Norway’s total arms exports.
21. South Africa
2018–2022 Share Of Global Arms Exports: 0.32%
South Africa is a country on the southernmost tip of the continent of Africa. The country of South Africa had a share of around 0.32% in the total global arms exports between 2018-2022. During these years, the UAE was the biggest recipient, receiving around 27% of South Africa’s total arms exports.
20. Belarus
2018–2022 Share Of Global Arms Exports: 0.33%
Belarus is a landlocked country in Eastern Europe and it shares a border with Russia, Ukraine, and Poland, among other countries. Belarus ranks among the top 20 countries that export the most weapons in the world with a share of around 0.33% in the total global arms exports in 2018-2022. During these years, Serbia was the biggest importer of arms from Belarus, receiving around 33% of Belarus’ total arms exports.
19. Poland
2018–2022 Share Of Global Arms Exports: 0.35%
Poland is a country in Central Europe that ranks among the top weapon exporting countries in the world. Poland supplied 0.35% of the world’s total arms exports in 2018–2022. During these years, Ukraine was the main recipient, receiving around 95% of Poland’s total arms exports.
18. United Arab Emirates
2018–2022 Share Of Global Arms Exports: 0.36%
The United Arab Emirates, or UAE, is a country in the Middle East. It shares borders with Saudi Arabia, Oman, and Qatar. UAE accounted for 0.36% of the global arms exports in 2018–2022. During these years, Egypt was the biggest recipient, importing around 28% of UAE’s total arms exports.
17. Ukraine
2018–2022 Share Of Global Arms Exports: 0.53%
Located in eastern Europe, Ukraine shares a border with Russia. Ukraine supplied 0.53% of the world’s total arms exports in 2018–2022. During this time, China imported 48% of Ukraine’s total arms exports.
16. Canada
2018–2022 Share Of Global Arms Exports: 0.53%
Canada shares a land border with the US. As one of the top arms exporting countries, Canada had a share of around 0.53% in the total global arms exports between 2018-2022. During these years, Saudi Arabia received 49% of Canada’s total arms exports.
15. Australia
2018–2022 Share Of Global Arms Exports: 0.56%
Australia is a country in Oceania comprising the mainland of the Australian continent and a number of other smaller islands. Australia ranks among the top 15 countries that export the most weapons in the world with a share of around 0.56% in the total global arms exports in 2018-2022. During these years, Canada was the biggest importer of arms from Australia, receiving around 35% of Australia’s total arms exports.
14. Switzerland
2018–2022 Share Of Global Arms Exports: 0.67%
Switzerland is a mountainous Central European country that shares a border with Italy, France, Germany, and Austria. Switzerland had a share of around 0.67% in the total global arms exports between 2018-2022. During these years, Australia received 21% of Switzerland’s total arms exports.
13. Sweden
2018–2022 Share Of Global Arms Exports: 0.76%
Sweden is a Scandinavian country that shares a land border with Norway and Finland. Sweden had a share of around 0.76% in the total global arms exports in 2018-2022. During these years, the US was the biggest importer of arms from Sweden, receiving around 25% of Sweden’s total arms exports.
12. Turkey
2018–2022 Share Of Global Arms Exports: 1.15%
Turkey is a transcontinental country located at the meeting point of West Asia and Southeast Europe. It ranks at the number 12 spot in our list of countries that export the most weapons in the world. Turkey supplied around 1.15% of the world’s total arms exports in 2018–2022. During these years, Qatar was the biggest recipient, receiving around 20% of Turkey’s total arms exports.
11. Netherlands
2018–2022 Share Of Global Arms Exports: 1.35%
The Netherlands, also known as Holland, is a country in northwestern Europe that shares a border with Belgium and Germany. The Netherlands supplied 1.35% of the world’s total arms exports in 2018–2022. During this time, the US was the biggest importer, importing around 27% of the Netherland’s total arms exports.
10. Israel
2018–2022 Share Of Global Arms Exports: 2.33%
Israel ranks among the top 10 countries that export the most weapons in the world. Arms exports by Israel accounted for 2.33% of the world’s total arms exports in 2018-2022. During these years, India was the biggest importer of arms from Israel, importing around 37% of Israel’s total arms exports.
9. South Korea
2018–2022 Share Of Global Arms Exports: 2.36%
South Korea is a country in East Asia that shares a land border with North Korea, which is one of the most heavily militarized borders in the world. South Korea had a 2.36% share in the global arms exports between 2018-2022. Biggest importer of arms from South Korea during 2018-2022 was the Philippines, which imported 16% of South Korea’s total arms exports.
8. Spain
2018–2022 Share Of Global Arms Exports: 2.55%
Spain is a country in Southwest Europe that ranks among the top 10 weapon exporting countries in the world. Arms exports by Spain accounted for around 2.55% of the world’s total arms exports in 2018-2022. During these years, Australia was the biggest importer of arms from Spain, importing around 35% of Spain’s total arms exports.
7. United Kingdom
2018–2022 Share Of Global Arms Exports: 3.17%
The United Kingdom, or the UK, supplied around 3.17% of the global arms exports during 2018-2022. The United States was the biggest recipient of arms from the UK in 2018-2022, importing around 20% of the UK’s total arms exports.
6. Italy
2018–2022 Share Of Global Arms Exports: 3.81%
Italy in Europe ranks high among the top arms exporting countries in the world. Italy had a share of around 3.81% in the total global arms exports in 2018-2022. During these years, Qatar was the biggest importer of arms from Italy, receiving around 24% of Italy’s total arms exports.
Some of the most prominent names in the global defense market include Lockheed Martin Corporation (NYSE:LMT), Northrop Grumman Corporation (NYSE:NOC), and Raytheon Technologies Corporation (NYSE:RTX).
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Disclosure: None. 30 Countries That Export The Most Weapons in the World is published on Insider Monkey.
