U.S. arms sales double despite crisis – report

Sales of U.S. arms have doubled during last year and now account for more than two-thirds of all foreign weapons sales, according to a report by the New York Times.

Citing a new Congressional study, the newspaper reported that in 2008, the U.S. signed arms agreements to the value of $37.8 billion, or 68.4% of all global arms business.

The jump came amid a 7.6% fall in worldwide sales, which last year totaled $55.2 billion. According to the report, most of the U.S. arms contracts were signed with developing countries.

The U.S. report said that Russia came third in the chart, after Italy, with a $3.5 billion profit, which is nearly three times lower than last year.

However, according to Rosoboronexport, a Russian arms trade company, the country’s profit from selling weapons constituted about $7 billion last year.

According to the US Congressional report, the biggest weapons buyer in 2008 was the United Arab Emirates.