Global arms sales fell for third consecutive year by approximately 12 per cent in 2003 to US $25.6 billion compared with US $29.14 billion in 2002 as Asian countries, including China, India and Pakistan, overtook West Asia as the biggest customer, according to a US government report.
The report said arms sales had declined worldwide due to several factors such as an economic slowdown and consequent austerity measures adopted by leading arms buyers around the world and wealthy nations focussing more on upgrades and modernisations rather than replacement of arms.
"Nonetheless, the developing world continues to be the primary focus of foreign arms sales activity by conventional weapons suppliers," the Congressionl Reserch Service found.
The US and Russia continued to dominate the global arms market arms market with Washington maintaining its lead in weapons sales with deals valued at more than US $14.5 billion up from US 13.6 billion in 2002, the report said.
Russia ranked second with deals worth US $4.3 billion and Germany ranked third signing deals worth US $1.4 billion.
The Conventional Arms Transfers to Developing Nations 1996-2003 report said India was the fourth largest developing world arms buyer with purchases worth US $12.6 billion and Pakistan was tenth with US $3.8 billion.
The United Arab Emirates was the leading developing world arms buyer from 1996 to 2003 with purchases totaling US $15.7 billion followed by China with US $13.7 billion and Egypt with US $13.6 billion.