Defense exports are booming despite the global economic downturn. According to IHS Jane’s, the United States is the world leader in exporting military hardware by a massive distance. Back in 2008, U.S. defense exports amounted to around $20 billion and this increased to $28.5 billion in 2012.
One of the reasons for this strong performance by the United States amid global economic uncertainty is a relaxation in arms export rules, allowing parts for military aircraft to be exported freely. Russian defense exports also increased from $8.3 billion to just over $10 billion.
France rounds off the top three global defense exporting countries. Between 2008 and 2012, exports rose from just over $4 billion to $4.6 billion.