The global defence export market is estimated to have increased to approximately $100 billion in 2018, the biggest it has been in the past decade. It is a significant total given the impact of global economic uncertainties post-2014, including volatility in oil prices and currency devaluations.
The increasing global defence export market total reflects both ongoing strategic threats and uncertainties and rising prices. Despite fiscal constraints, defence expenditure has been heavily augmented by off-budget funding, though some projects have been delayed.
UK defence exports rose to a record £14 billion in 2018, up from £9 billion in 2017. This strong performance has led to the UK reclaiming its place as the second-largest defence exporter globally, behind only the United States.
The UK is the second largest global defence exporter, commanding approximately 12% of the export market, according to DIT DSO statistics.
The Export and Business Growth Pavilion, supported by DIT DSO, will allow delegates to meet with representatives from some of the largest overseas defence markets, with a view to exporting products or services. Learn more about how your organisation can gain a share of this marketplace worth around £9 billion.