News

Military spending rises in emerging markets

Summary: Global military spending outside the USA increased by 1.8% in 2013, highlighting the wealth of opportunities on offer in emerging markets.

The 1.8% increase is despite an overall worldwide fall in expenditure in real terms to $1.75 trillion, a fall of 1.9% according to figures released by Stockholm International Peace Research Institute (SIPRI). This shows the sheer size of western spending, particularly the US, and highlights how important non-US markets can be to the overall military economy.

The fall in US spending in 2013, by 7.8%, is the result of the end of the war in Iraq, the beginning of the drawdown from Afghanistan and the effects of automatic budget cuts passed by the US Congress in 2011. Meanwhile, austerity policies continued to determine trends in Western and Central Europe and in other Western countries.

 New global defence powers

The next three highest spenders тАУ China, Russia and Saudi Arabia тАУ all recorded substantial increases, with Saudi Arabia leapfrogging the UK, Japan and France to become the worldтАЩs fourth largest military spender. China, Russia and Saudi Arabia are among the 23 countries that have more than doubled their military expenditure since 2004.

This announcement comes shortly after a new report found that Mexico, Indonesia, Nigeria and Turkey are set to become the most attractive defence markets in the coming years, with defence and related spending increasing from US$40.6 billion to US$61.1 billion by 2019 in these economies.

The report from Strategic Defence Intelligence (SDI) тАУ Future of the MINT Defense Industry 2019: Market Analysis, Size, Shares, Growth, Trends and Forecast 2019 тАУ states that the economies of Mexico, Indonesia, Nigeria and Turkey (also known as MINT countries) are poised to become the next centre of attention with respect to international trade and commerce.

Emerging defence opportunities

As new markets begin to open up for defence suppliers across the world, it is important to understand where the opportunities lie not just at the moment, but in the coming years.

Defence Contracts International helps businesses keep up to date with developments in the global defence marketplace, upcoming defence business opportunities, breaking company news and competitor activity. Learn more about the Defence Contracts International service and ensure you are best placed to benefit from upcoming opportunities.

 

Who are we?

From publishing the first national directory of public sector contracts, to being the first to market with our online Tracker solution, we have been the true pioneers of technology and innovation in the public sector marketplace. Throughout our 39 years, we have continued to evolve and chart new territory тАУ placing our customers at the heart of everything we do. Take your business to the next level with Tracker now.

If you request a demo today!

Download your Free UK Defence Industry Report

Start Your Free Trial Today

Download your Free UK Defence Industry Report

Download your Free UK Defence Industry Report

When you sign up for a 3 day free trial or demo.

Limited time only

    BiP Solutions owns DCI and we look after your details carefully. We offer a range of products, services and events (some of which are free) that help buyers tender more efficiently and suppliers find, bid for and win public and private sector contracts. Only tick this box if you wish to receive information about these. We will never share your details with third parties and you will have the opportunity of opting out of communications every time we contact you. For further details, please see our Privacy Policy