Israel’s $5.66 Billion Defense Sale In 2014 Marks Lowest In Seven Years

The Israeli Ministry of Defense released data Thursday which indicates that Israeli defense sales last year plunged to their lowest point in seven years, with about $5.66 billion in new contracts signed in 2014.

The 2014 year-end figures mark a nearly $1 billion down from 2013 data, and some $1.7 billion less than all-time highs recorded in 2012 and 2009, various media reported Thursday.

Israel's military sales in the peak years were $7.4 billion in new business, more than a third is from Asia-Pacific customers, and at least $1 billion is from the North American market, whereas during last year Asia-Pacific customers accounted for $2.96 billion, according to the data released on May 21.

The 2014 records say that North America claimed $937 million in new orders, Europe ($724 million), Latin America ($716 million) and Africa ($318 million).

On the contrary, Israel's official military sales agency, Sibat had $6.54 billion sale in 2013; $7.4 billion in 2012; $7.1 billion in 2011; $7.3 billion in 2010; $7.4 billion in 2009; $6.3 billion in 2008; and $5.6 billion in 2007 according to previous records.

The Ministry of Defense stated that 2014 data "reflects the difficulties that leading defense exporters worldwide have to contend with, among them a global budgetary crisis, especially in advanced nations, alongside increased competition for every contact in existing markets."