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Military exports rose by $500 million from 2022 to $13.1 billion

Israeli Defense Exports Hit Record as Global Arms Spending Soars

Monday 17/June/2024 - 07:08 PM
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Israel’s defense exports reached a record last year as wars including those in Ukraine and Gaza raise the specter of a global arms race.

Military exports rose by $500 million from 2022 to $13.1 billion، a doubling of the figure from five years ago، the country’s Defense Ministry said on Monday.

Missiles، rockets and air-defense systems made up more than a third of the sales. Other significant items included radar and electronic-warfare equipment. The Asia-Pacific region accounted for almost half the exports and Europe roughly one-third.

One of the biggest contracts signed in 2023 was for the supply of the Arrow 3 long range air-defense system to Germany. That deal is worth around $4 billion for state-owned Israel Aerospace Industries.

Focusing on international markets

“While our industries are primarily focused on providing the defense establishment with the capabilities to support our troops and defend our citizens، they are also continuing to pursue areas of cooperation and exports to international partners،” Israeli Defense Minister Yoav Gallant said in a statement.

Some of country’s other big defense companies، including Rafael، the maker of the Iron Dome and David’s Sling systems، were asked by the government to prioritize supplies to the Israel Defense Forces in the first weeks after war with Hamas broke out in October. While that conflict continues to rage، Israeli firms are once again focusing on international markets.

“If Rafael wants to be able to provide for Israel as well stay ahead of the game in research and development، we need international markets، which are our only assurance for real growth،” Gideon Weiss، the company’s vice president for international business development، said to Bloomberg.