Global Arms Trade Shifts as India Tops Imports and Russia's Exports Plummet

Russia's arms export industry has suffered a significant decline, dropping to third place behind France and the U.S. due to a 53% decrease in exports from 2014–18 to 2019–23. The war on Ukraine, struggling economy, and Western sanctions have hampered Russia's ability to compete in the global arms market. The country's reliance on Asian and Oceanian markets, particularly India and China, is also diminishing, with India turning to France and the U.S. for military equipment. Additionally, China's growing self-sufficiency in arms production has further reduced its reliance on Russian imports, leaving Russia with uncertain prospects for future arms exports.