NextGen Day

According to an international think tank, sales by the world’s top 100 arms producers hit USD531 billion (PHP26.5 trillion) in 2020, marking the sixth consecutive year of growth, with the United States claiming a 54 percent share.

The Stockholm International Peace Research Institute (SIPRI) reported that sales of arms and military services by the industry’s 100 top corporations climbed 1.3 percent over the previous year.

The United States maintained to have the most companies in the top 100, with 41 US corporations selling guns for USD285 billion, up 1.9 percent year on year.

The top five companies in the ranking have all been based in the United States since 2018, according to the research.

The arms sales of five Chinese businesses in the top 100 climbed 1.5 percent to USD66.8 billion in the same time, accounting for 13% of the total.

The UK firms accounted for the third-largest portion of the previous year’s figure, with sales of weaponry reaching USD37.5 billion in 2020, up 6.2 percent from 2019.

Arms sales by Russian corporations fell by 6.5 percent year on year to USD26.4 billion last year.

The report stated, “This reflects a continuation of the declining trend observed since 2017 when Russian companies in the Top 100 peaked in terms of armament sales.”

Meanwhile, Aselsan was the sole Turkish military sector business in the top 100, ranking 51st, with USD2.2 billion in arms sales in 2020, a 12 percent increase over the previous year.

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