US Arms Sales Reached Record High in 2023

(Patria) - Sales of American military equipment to foreign countries in 2023 increased by 16 percent to a record $238 billion, according to State Department data.

Many countries are striving to replenish their stockpiles depleted due to Ukraine and prepare for major conflicts.

These figures confirm the expectations of arms manufacturers Lockheed Martin, General Dynamics, and Northrop Grumman, whose stock values are rising with global instability.

"Arms sales and transfers are considered an 'important US foreign policy tool with long-term implications for regional and global stability'," the State Department said in a statement.

Last year, HIMARS missile systems worth $10 billion were sold to Poland, followed by AIM-120C-8 medium-range air-to-air missiles worth $2.9 billion sold to Germany, as well as advanced surface-to-air missile systems to Ukraine.

Lockheed Martin and General Dynamics expect orders for hundreds of thousands of artillery rounds, hundreds of Patriot missile interceptors, and an increase in armored vehicle orders to confirm their results in the next quarter.

There are two ways foreign countries purchase weapons from the US: the first is through direct commercial contracts with companies, and the second is when a foreign country's government contacts the Department of Defense or the US embassy in their country. Both sales methods require approval from the US government.

Direct sales from companies increased to $157.7 billion in fiscal year 2023, while sales through the US government rose to $80.9 billion in the same period.