US Sets New Record for Arms Exports in FY 2023

US Military Equipment Sales to Foreign Governments Reach Record High in 2023

Sales of US military equipment to foreign governments hit a record high of $238 billion in 2023, marking a 16% increase, according to the US State Department. This surge in sales can be attributed to countries restocking supplies sent to Ukraine and preparing for potential major conflicts. The figures also indicate a positive outlook for defense contractors such as Lockheed Martin, General Dynamics, and Northrop Grumman, with analysts predicting a rise in their shares due to growing global instability.

The State Department emphasized the significance of arms sales and transfers as essential tools of US foreign policy, with potential long-term implications for regional and global security. Notable sales approved in 2023 include $10 billion worth of High Mobility Artillery Rocket Systems (HIMARS) to Poland, $2.9 billion worth of AIM-120C-8 Advanced Medium-Range Air-To-Air Missiles (AMRAAM) to Germany, and National Advanced Surface to Air Missile Systems (NASAMS) to Ukraine.

Key manufacturers involved in these sales are Lockheed Martin, responsible for HIMARS production, and RTX (formerly Raytheon), which manufactures AMRAAM. NASAMS is produced jointly by RTX and Norway’s Kongsberg.

Lockheed Martin and General Dynamics anticipate that their existing orders for hundreds of thousands of artillery rounds, hundreds of Patriot missile interceptors, and the expected surge in orders for armored vehicles will significantly contribute to their financial performance in the coming quarters.

Sales of U.S. military equipment to foreign governments reached a record high of $238 billion in 2023, a 16% increase from the previous year. This surge in sales can be attributed to countries replenishing stocks sent to Ukraine and preparing for potential conflicts. Major defense contractors like Lockheed Martin, General Dynamics, and Northrop Grumman are expected to benefit from this trend, with their shares predicted to rise amid growing global instability. Some notable sales include High Mobility Artillery Rocket Systems (HIMARS) to Poland, Advanced Medium-Range Air-To-Air Missiles (AMRAAM) to Germany, and National Advanced Surface to Air Missile Systems (NASAMS) to Ukraine.

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