The Israeli Ministry of Defense released data Thursday which indicates that Israeli defense sales last year plunged to their lowest point in seven years, with about $5.66 billion in new contracts signed in 2014.
The 2014 year-end figures mark a nearly $1 billion down from 2013 data, and some $1.7 billion less than all-time highs recorded in 2012 and 2009, various media reported Thursday.
Israel's military sales in the peak years were $7.4 billion in new business, more than a third is from Asia-Pacific customers, and at least $1 billion is from the North American market, whereas during last year Asia-Pacific customers accounted for $2.96 billion, according to the data released on May 21.
The 2014 records say that North America claimed $937 million in new orders, Europe ($724 million), Latin America ($716 million) and Africa ($318 million).
On the contrary, Israel's official military sales agency, Sibat had $6.54 billion sale in 2013; $7.4 billion in 2012; $7.1 billion in 2011; $7.3 billion in 2010; $7.4 billion in 2009; $6.3 billion in 2008; and $5.6 billion in 2007 according to previous records.
The Ministry of Defense stated that 2014 data "reflects the difficulties that leading defense exporters worldwide have to contend with, among them a global budgetary crisis, especially in advanced nations, alongside increased competition for every contact in existing markets."