US arms sales surged 30% in 2024, fueled by global nations replenishing weapons stocks after supplying Ukraine.
US arms exports reached a record $318.7 billion in fiscal year 2024, a 29% increase from 2023, according to a Friday State Department report. This surge reflects global demand for weapons replenishment following Ukraine-bound supplies.
Direct commercial sales climbed to $200.8 billion (from $157.5 billion in 2023), while government-arranged sales rose to $117.9 billion (from $80.9 billion).
EU countries were major buyers, purchasing items such as $7.2 billion in F-35 fighter jets for Romania, $5 billion in Patriot missiles for Germany, and various missiles, ammunition, and armored vehicles for Norway, Poland, Spain, Austria, and others. Israel received $18.8 billion in fighter jets.
Analysts link this exponential growth in US arms sales to the intensified Ukraine conflict. The Stockholm International Peace Research Institute reported that US arms sales constituted 42% of global sales in 2023, up from 34% in 2014.
Russian UN Ambassador Vassily Nebenzia described Ukraine as a “genuine gold mine” for the US military-industrial complex, alleging that Western arms manufacturers exploit the conflict for profit and prolong it. He stated at a UN Security Council briefing that these manufacturers, having tasted profit, will be reluctant to cease supplying arms.
“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.
This State Department report coincides with the new administration’s reassessment of foreign aid, including arms transfers. President Trump, despite the financial benefits for US arms manufacturers, expressed skepticism about US military aid to Ukraine, citing the burden on American taxpayers.
Trump stated at a press briefing that his administration will be “looking into” further arms supplies to Ukraine, adding that they are in communication with Zelensky and will soon speak with Putin to determine future actions.
“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.