Summary
A new report shows that U.S. arms companies made $334 billion in 2024, which was a 3.8% increase from the previous year. In contrast, Chinese arms companies' revenue dropped by 10% to $88.3 billion due to corruption issues and production delays. These changes are affecting global defense markets as China's weapon production and exports grow.
Key Facts
- U.S. arms companies had $334 billion in revenue in 2024, up 3.8% from 2023.
- Chinese arms companies' revenue was $88.3 billion in 2024, down 10% from the previous year.
- Norinco, China's largest land-systems maker, saw a 31% revenue drop.
- The China Aerospace Science and Technology Corporation had a 16% revenue decline.
- Corruption allegations in China caused project delays and contract issues.
- Lockheed Martin's revenue increased to $64.7 billion, helped by F-35 deliveries.
- Boeing's revenue fell 4.6% due to production delays with the KC-46A tanker.
- China’s restrictions on minerals are causing supply issues for defense firms in the U.S. and Europe.
