- Saudi Arabia overtook India in 2014 as the world’s biggest importer of defense equipment according to a study published Sunday by respected analysts IHS Jane’s.
- Global defense trade currently stands at $64.4 billion.
Reasons for shuffle in ranking:
- Unparalleled demand from the emerging economies for military aircraft.
- Escalation of regional tensions in the Middle East and Asia Pacific.
Ranks of various countries in defence purchase:
|Rank||Top defence importers in 2013||Rank||Top defence importers in 2014|
|7||South Korea||7||South Korea|
- This report examines the defense market across 65 countries.
- According to report, Saudi Arabia spent more than $6.4 billion on defense kit in 2014, overtaking India (spending $5.57 billion).
- The United States maintained its position as the top exporter, shipping $23.7 billion of equipment, ahead of Russia on $10 billion.
- France was the third biggest exporter ($4.9 billion) followed by Britain ($4.1 billion) and Germany ($3.5 billion).