Washington:
In fiscal year 2024, US arms exports reached an all-time high of more than $318 billion.
According to a recent report by the US Department of State, US arms exports reached a record high of $318.7 billion in fiscal year 2024, a 29 percent increase over the previous year.
According to Reuters, arms sales are carried out in two main ways, the first is direct commercial sales, in which foreign governments directly contract with US companies, while the second is foreign military sales, in which governments make deals with US companies. In both cases, US government approval is required for arms acquisition through the Department of Defense.
According to international media reports, direct commercial sales increased to $200.8 billion from $157.5 billion in fiscal year 2024, while foreign military sales increased from $80.9 billion to $117.9 billion.
According to the US State Department, arms sales and transfers are important tools of US foreign policy that can have long-term effects on regional and global security.
