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Gaza genocide has ‘little impact’ on orders to Israeli arms firms, data shows

New Stockholm International Peace Research Institute (SIPRI) data shows arms firms made unprecedented profits in 2024. But perhaps most strikingly, international condemnation of the Gaza genocide hasn’t slowed down orders to Israel’s arms firms. The five largest US arms firms all increased their takings. And Elon Musk’s SpaceX made it’s first appearance in the top 100 for the first time. SIPRI says the spike is a result of states rapidly militarizing.

Israeli arms

Nine Middle Eastern firms were in the SIPRI top 100 – and three of these were Israeli. SIPRI’s Zubaida Karim said:

The growing backlash over Israel’s actions in Gaza seems to have had little impact on interest in Israeli weapons.

Many countries continued to place new orders with Israeli companies in 2024.

The index measures ‘arms revenue.’ It defines this as revenues “generated from the sales of military goods and services to military customers domestically and abroad”. Russian, Chinese, and German firms improved their sales too.

SIPRI said:

Sales of arms and military services by the 100 largest arms-producing companies rose by 5.9 per cent in 2024, reaching a record $679 billion.

According to SIPRI arms researcher Lorenzo Scarazzato:

Last year global arms revenues reached the highest level ever recorded by SIPRI as producers capitalized on high demand.

Although companies have been building their production capacity, they still face a range of challenges that could affect costs and delivery schedules.

Big hitters thriving in fearful times

Lockheed Martin, Northrop Grumman, and General Dynamics all increased their revenue. As did 30 out of 39 US firms. Combined revenue for US arms companies in the Top 100 “grew by 3.8 per cent to reach $334 billion”.

And ‘Roman-saluting’ tech lord Elon Musk’s move deeper into the war industry paid off:

US company SpaceX appeared in the SIPRI Top 100 for the first time, after its arms revenues more than doubled compared with 2023, to reach $1.8 billion.

Two Russian firms shrugged off sanctions to make a profit. While Chinese firms were hit by contract cancellations due to corruption scandals. Indian and German firms increased their bottom lines and and Indonesian firms entered the top 100 for the first time.

Overall, European and US firms were the biggest sellers and the biggest winners. With a grinding war in Ukraine, parallel genocides in Gaza and Sudan and a potential new US war against Venezuela, Big Death is raking it in. Without a proper program of arms controls and a return to serious diplomacy, the future looks bleak.

Featured image via the Canary

By Joe Glenton

This post was originally published on Canary.