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

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.