Saturday, June 15, 2024

Israel’s export of military equipment hits record high of $12.55 bn in 2022

The export of Israel’s military equipment reached an all-time high of $12.55 billion in 2022, Israel’s Defence Ministry said in a statement.

According to the Ministry on Wednesday, 2022 was the second year in a row that the overall value of defence agreements broke records. Israel’s export of military equipment has surged by 50 per cent over the past three years.

Some 120 Israeli companies signed “hundreds” of new sales deals in 2022, with about half of them valued at over $100 million, according to the statement.

Notably, in the wake of the so-called Abraham Accords — a series of deals signed in 2020 in which the United Arab Emirates, Bahrain and Morocco agreed to normalise ties with Israel — exports of military equipment to these countries reached $3 billion, the Ministry said.

In the global market, reconnaissance and attack drones attracted significant attention, with a quarter of the deals signed with foreign armies specifically focusing on these technologies, Xinhua news agency reported.

Missiles, rockets, and air defence systems accounted for 19 per cent of Israel’s exports of military equipment, while radar systems made up 13 per cent. Observation equipment and optronics comprised 10 per cent, intelligence, information, and cyber systems constituted six per cent, and communication systems made up six per cent of the sales. Manned aircraft and avionics represented five per cent, and weapon stations and launchers made up another five per cent. The remaining portion consisted of exports in vehicles, ammunition, armaments, maritime systems, and services combined.

Global instability “increases the demand for Israeli air defence systems, drones, UAVs (unmanned aerial vehicles), and missiles,” Director General of the Defence Ministry Eyal Zamir was quoted as saying in the statement.

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