The amount of U.S. military equipment sold to foreign governments reached a record high in fiscal year 2023, according to the State Department.

Total military equipment transfers in 2023 will reach $238.4 billion, including equipment purchased by the U.S. government on behalf of other countries and items sold directly by U.S. defense companies to foreign governments. according to to the State Department. Figures for fiscal year 2023 show that overall arms sales increased 16% from 2022, with the increase particularly notable among sales facilitated by the U.S. government.

The State Department says, “Arms transfers and defense trade are important U.S. foreign policy tools that can have long-term effects on regional and global security.” (Related: US is shipping so many weapons to Ukraine, defense companies can't keep up, Navy chief warns)

Other countries are also making large-scale arms purchases as several global conflicts continue.

Russia's invasion of Ukraine Continue After nearly two years of conflict, the battle between Israel and Hamas has ended. unlikely Attacks on global shipping by Iranian-backed Yemeni rebels will soon abate; Concerned A broader regional conflict is likely.

In fiscal year 2023, equipment purchased by foreign governments through the Foreign Military Sales System was valued at $80.9 billion, up from $51.9 billion in 2022.

The Foreign Military Sales System allows foreign governments to purchase defense-related goods and services using the Department of Defense's procurement system. according to to the Defense Security Cooperation Agency. Countries participating in the program pay for goods purchased through the system in addition to administrative fees.

Foreign countries purchased $157.5 billion directly from U.S. companies in fiscal year 2023, up from $153.6 billion in 2022, according to the State Department.

According to the State Department, arms sales include billions of dollars to Saudi Arabia, Qatar, Italy, India, Ukraine, Canada, Germany, Poland and others.

Stock prices for some major U.S. defense contractors remained largely stagnant during fiscal 2023, even as U.S. arms demand has increased.

lockheed martin It was valued at $486.49 per share on October 1, 2022, the beginning of fiscal year 2023, and ended the fiscal year at $453.24 per share. general dynamicsOn the other hand, the company started the fiscal year at $248.11 per share and ended the year at $259.67 per share.

The State Department did not immediately respond to a request for comment from the Daily Caller News Foundation.

All content produced by the Daily Caller News Foundation, an independent, nonpartisan news distribution service, is available free of charge to legitimate news publishers with large audiences. All republished articles must include our logo, reporter byline, and DCNF affiliation. If you have any questions about our guidelines or partnering with us, please contact us at licensing@dailycallernewsfoundation.org.