Key Market Indicators
Singapore's weapon imports are projected to climb to approximately $400 million by 2028, up from around $326 million in 2023. This marks an average annual growth rate of 3.2%. Notably, since 1970, Singapore's demand for weapon imports has declined by 10.5% year on year. In 2023, Singapore ranked 21st globally in terms of weapon imports, with the Philippines surpassing it at the same import value of $326 million. Qatar, Saudi Arabia, and Kuwait occupied the second, third, and fourth spots, respectively. On the export front, Singapore's weapon exports surged to nearly $72 million in 2021, a significant increase from $24 million in 2020, representing a 200% rise year over year. Despite this recent spike, Singapore's weapon supply has remained stable since 1980.
