The rising revenues of international defence companies

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China's defence sector struggles with corruption allegations

In Europe's rearmament efforts, Sipri experts warn of increasing challenges in sourcing the materials needed for arms production, many of which must be imported from China. Dependence on critical minerals, in particular, is likely to complicate Europe's rearmament plans. However, according to the peace researchers, China's arms industry is grappling with entirely different issues: a series of corruption allegations in Chinese arms procurement led to major defence contracts being postponed or canceled in 2024. As a result, Chinese arms revenues fell by 10 percent. This caused total revenues in the Asia and Oceania region to decline by 1.2 percent to $130 billion, despite significant growth in Japan and South Korea. Thus, this was the only region worldwide to record declining figures.

The defence activities in war zones

Russia's war of aggression against Ukraine has also affected the figures for defence companies in both countries. According to Sipri, the Ukrainian company JSC Ukrainian Defence Industry increased its revenues by 41 percent to $3 billion. The two Russian companies Rostec and United Shipbuilding Corporation jointly achieved a 23 percent increase to $31.2 billion—despite international sanctions causing shortages of some defence components. Additionally, Russia's domestic military demand more than compensated for losses from declining arms exports, according to Sipri. Regarding the war in Gaza, Israel's military actions contributed to increased revenues for the three listed Israeli companies, which together recorded a 16 percent rise to $16.2 billion. Moreover, global interest in advanced Israeli military equipment hardly waned, despite ongoing criticism of Israel's actions in Gaza. Indeed, several countries reportedly placed new orders with Israeli companies last year.

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Date: 08.12.2025

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