In 2024, military equipment exports from Sweden reached the highest level in history, amounting to 29 billion kronor (2.9 billion USD), as Russia's invasion of Ukraine continues to raise global security concerns. This was reported by Bloomberg, writes UNN.
Details
According to data collected by the Inspectorate of Strategic Products, the value of defense material exports increased by 63% compared to 2023.
We clearly see how the deterioration of the security situation affects the export of military equipment
More than 70% of exports went to 39 countries that have partnership relations with Sweden in the field of defense and security policy. The United Arab Emirates topped the list of the largest recipients, followed by the USA and Brazil, according to the inspectorate.
In particular, the number of permits for state aid from Sweden and for sales of products from the Swedish defense industry has doubled for Ukraine.
The Swedish company Saab AB, which produces Gripen fighters, Globaleye early warning systems, and submarines, has become one of the main beneficiaries of the growing global demand for military equipment.
Bloomberg Intelligence analysts predict that the company's revenue could grow by 18% annually by 2027, and its profits will grow even faster. The company's shares have risen by 55% since the beginning of the year against the backdrop of a general increase in prices for European defense stocks.
