India Displaces Saudi Arabia as US Largest Weapon Buyer

India imported $1.9 billion of military kit from the U.S. last year, making it the biggest foreign buyer of U.S. weapons, according to research from IHS Jane’s.

The U.S., which remained the largest exporter of military equipment, displaced Russia as India’s biggest arms supplier. In total, the U.S. exported $25.2 billion of military equipment in 2013, compared with $24.9 billion the previous year.

(Read more: India central bank: Emerging markets ‘on their own’)

India, with total defense imports of $5.9 billion, became the most enthusiastic buyer from the U.S., knocking Saudi Arabia out of the top spot with purchases that included Boeing’s C-17A strategic transport aircraft and P-8I Maritime Patrol Aircraft.

“We are seeing trade patterns fundamentally change for the dominant players,” said Ben Moores, senior analyst at the security consultancy and the author of the report. “India is outpacing everyone.”

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza