US arms exports soar amid Ukraine conflict

Sales surged by 30% year-on-year in 2024 as numerous countries rushed to replenish their stocks after sending weapons to Kiev

US arms exports hit a record-high in fiscal year 2024, driven by global demand as many countries replenished their inventories after supplying weapons to Ukraine, according to data released by the US State Department on Friday.

The total value of US arms exports last year reached $318.7 billion, up by 29% from 2023.

Direct military sales by US companies rose to $200.8 billion, up from $157.5 billion in 2023, data showed, while sales arranged through the US government rose to $117.9 billion over $80.9 billion the prior year.

According to the report, EU nations were among the key buyers of US arms in 2024. The sales included $7.2 billion worth of F-35 fighter jets for Romania, $5.0 billion worth of Patriot missiles for Germany, as well as missiles, ammunition and armored vehicles for Norway, Poland, Spain, Austria, and others. The exports also included $18.8 billion worth of fighter jets for Israel.

Many analysts noted that US arms sales have been growing exponentially since the escalation of the Ukraine conflict. According to a recent report from the Stockholm International Peace Research Institute, US arms sales accounted for 42% of the globe’s total in 2023, up from 34% in 2014.

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Ukraine a ‘gold mine’ for Western arms makers – Moscow

Russian UN Ambassador Vassily Nebenzia recently noted that Ukraine has become a lucrative opportunity for Western arms manufacturers, who shamelessly exploit the conflict and profit from weapons supplies that prolong it. Speaking at a UN Security Council briefing late last month, Nebenzia called Ukraine “a genuine gold mine for the military-industrial complex” of the US, which it will be reluctant to let go of.

“It would be naive to expect that these unscrupulous traders, who have tasted the flavor of lucre, will give up riding this gravy train for the sake of those miserable Ukrainians,” he added.

The State Department report comes as the US has started to reevaluate its foreign aid programs, including arms transfers, under the new administration. President Donald Trump has been skeptical of US military assistance for Kiev, despite the bounty it brings US arms makers, noting that it weighs heavily on the American taxpayer.

READ MORE: Trump confirms foreign aid freeze

At a press briefing last week, Trump said his new administration will be “looking into” the possibility of further supplies of weapons and military equipment to Ukraine.

“We’ll look into that. We’re talking to [Ukrainian leader Vladimir] Zelensky. We’re going to be talking with [Russian President Vladimir] Putin very soon and we’ll see how it all happens,” he stated when asked whether he plans to stop arms shipments to Kiev.