U.S. Accounted for Two-Thirds of Foreign Weapon Sales

Despite the economic recession being experienced worldwide, U.S. weapon sales jumped nearly 50 percent in 2008, from $25.4 billion the year before to last year's $37.8 billion.

According to a recent congressional study, the United States increased its market share of the armaments industry to about two-thirds, specifically 68.4 percent of all business in the global arms bazaar. Italy, ranked second amassing about $3.7 billion in arms sales while the Russian Federation close in at third spot with sales of $3.5 billion, some $7 billion down from 2007. The U.S. also forged numerous agreements with developing countries in supplying weapons and small arms to the tune of $29.6 billion. The U.S. is also slated to install a $6.5 billion air defense system for the United Arab Emirates and to deliver a $2.1 billion jet fighter for Morocco and a $2 billion attack helicopter for Taiwan.

"The annual report was produced by the nonpartisan Congressional Research Service, a division of the Library of Congress. Regarded as the most detailed collection of unclassified global arms sales data available to the general public"

The New York Times reported.