With wars still raging in Ukraine and Gaza, global arms sales reached a new high last year, according to a report. The Stockholm International Peace Research Institute said in its annual analysis that the combined revenues of the world’s top 100 arms producers rose 5.9 percent in 2024, reaching $679 billion.

SIPRI attributed the latest growth primarily to companies in Europe and the US, noting that total revenues of the top 100 firms have increased 26 percent over the past decade.

South Korea’s four major arms producers, Hanwha Group (21st), LIG Nex1 (60th), Korea Aerospace

Industries (70th) and Hyundai Rotem (80th), made the 2024 top 100 list. Their combined revenues totaled $14.1 billion, up 31 percent from 2023, placing South Korea 10th globally with a 2.1 percent share of arms sales.

The US remained the largest arms exporter, accounting for 49 percent of global sales, followed by China (13 percent), the UK (7.7 percent) and Russia (4.6 percent).


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