Washington: US arms exports in fiscal year 2024 reached an all-time high of more than $318 billion.
According to a recent report by the US State Department, US arms exports in fiscal year 2024 have increased by a record amount, bringing total sales to $318.7 billion, a 29% increase from the previous year.
According to Reuters, arms sales occur in two main ways, the first is direct commercial sales, in which foreign governments make direct agreements with US companies, while the second method of arms sales is foreign military sales, in which governments acquire weapons through the US Department of Defense, in both cases the approval of the US government is required.
According to international media reports, direct commercial sales increased from $157.5 billion to $200.8 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 impacts on regional and global security.
