The United States has just beaten the world's global market as of a year ago, as the figures have revealed that approximately $40 billion in arms sales were purchased from them through numerous deals.
Developing nations bought United States dollars 65 billion in weapons in 2015, substantially lower than the previous years total of USD 79 billion, it said.
Countries listed as developing nations bought from all selling nations a total of $65 billion in weaponry in 2015, down from $79 billion in 2014, the CRS said.
In a report earlier this month, SIPRI said, "Companies based in the United States continue to dominate the Top 100 [arms firms] with total arms sales amounting to $209.7 billion for 2015". The annual review is considered the most comprehensive assessment of global arms sales available in an unclassified form.
According to the Conventional Arms Transfers to Developing Nations study, weapons suppliers primarily focused on developing countries for foreign arms sales.
The statistics have shown that in 2014, the global arms sales added up to nearly $89 billion, and then dropped to $80 billion in 2015. The report adjusts for inflation, so the sales totals are comparable year to year.
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Sales have dropped "due, in part, to the weakened state of the global economy", Catherine A. Theohary, a national security policy specialist at the Congressional Research Service and author of the study told The New York Times.
China reached $6 billion in weapons sales, up from its 2014 total of over $3 billion.
Russia, the other major player on the weapons market, has held steady with 11,1 billion in sales revenues in 2015, with many Latin American countries, Venezuela in particular, becoming their main costumers.
Instead of purchasing more arms, the top buyers seek interest in channeling their money towards advanced trainings, support services, and to upgrade the existing weapon and defense systems that they now possess.
Among arms manufacturers that also are North Atlantic Treaty Organisation allies, Germany has found success in marketing naval systems to the developing world, while Britain has done the same with warplanes, according to the report. Other major arms suppliers, according to the study, include Sweden, Italy, Germany, Turkey, Britain and Israel. Next were South Korea, Pakistan, Israel, the United Arab Emirates and Iraq.
At the regional level, the report shows that Algeria spent $17 billion on arms imports from 2008 to 2015, of which Russian Federation sold the lion's share: $11 billion.