U.S. and Russia Still Dominate Arms Market, but World Total Falls

The US and Russia continued to dominate the global arms market last year, especially when measured in sales to developing nations. According to a new Congressional Study, the US lead in worldwide weapons sales in 2003, signing more than $14.5 billion worth of arms, or 56.7 percent of the global total. Russia ranked second with 16.8 percent of all arms deals. Despite these sizable sales the total value of arms sales actually tumbled worldwide for the third consecutive year. The study indicates that, when measured in dollars adjusted for inflation, the value of global arms agreements has steadily fallen, from $41 billion in 2000 to $25.6 billion in 2003. And, although the developing world remains the primary consumer of foreign conventional arms sales, it too has reduced its trade in arms overall. One national defense specialist suggested that insufficient funds were the primary reason for this restraint on the part of the developing world; he further noted that "the unsettled state of the global economy" prompted many of these countries to upgrade their existing arsenals rather than buy new weapons systems. – YaleGlobal