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For instance, BAE is securing contracts with Saudi Arabia. Arms producers are especially keen on Latin America, the Middle East and parts of Asia, Jackson said. Many defense contractors are looking overseas to make up for slowing sales in the U.S. Finally, SIPRI pointed out sanctions on arms transfers to Libya have contributed to declining arms sales. Troop withdrawals from Afghanistan also began in 2011. The last American convoy in Iraq left the country in December 2011. In addition, the U.S.' involvement in conflicts abroad continue to wind down. Federal budget cuts that took effect in March mean military spending could contract by more than $500 billion over the coming decade unless policymakers negotiate a pullback on the mandated cuts. Austerity concerns have exacerbated matters. have delayed or slowed the procurement of different weapons systems. that austerity measures in Western Europe and the U.S. Susan Jackson, a SIPRI defense expert, said in an email to 24/7 Wall St. In 2011, the top 100 arms dealers sold 5% less compared to 2010.
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However, the trend has recently reversed. SIPRI noted that between 20, arms sales among the top 100 companies grew by 51%. Arm sales grew alongside general defense spending growth. By 2011, the figure had grown to $712 billion.
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defense budget was approximately $312 billion. These companies have benefited tremendously from the growth in military spending in the U.S., which by far has the largest military budget in the world. reviewed the 10 companies with the most military sales worldwide. Based on a list of the top 100 arms-producing and military services companies in 2011 compiled by the Stockholm International Peace Research Institute (SIPRI), 24/7 Wall St. Just 10 of those companies sold over $208 billion. In 2011, the 100 largest contractors sold $410 billion in arms and military services.