Israel’s defence industry achieved a historic milestone in 2024, signing nearly $15 billion in weapons export contracts—the highest ever recorded—despite the country being engaged in intense military conflicts on multiple fronts.
The announcement was made by Israel’s defence ministry on June 4, highlighting a 13 per cent increase from the previous record of $13 billion set in 2023.
The surge in arms sales comes as Israel continues its longest and most complex war, fighting simultaneously against Hamas in Gaza, Hezbollah in Lebanon, and hostile forces in Syria, Iran, and Yemen.
Defence minister Israel Katz described 2024 as “a challenging and intricate year of warfare,” yet praised the defence sector’s ability to operate in “emergency mode,” producing weapons around the clock to meet both domestic military needs and international demand.
Europe emerged as Israel’s largest market, accounting for 54 per cent of defence export contracts, a significant rise from 36 per cent in 2023. The Asia-Pacific region followed with 23 per cent, while North America represented nine per cent, and Arab countries under the Abraham Accords made up 12 per cent.
Missiles, rockets, and air defence systems dominated the exports, comprising 48 per cent of total sales, up from 36 per cent in 2023. Satellite and space systems also grew, representing eight per cent of exports, reflecting rising global interest in Israeli surveillance technology.
The record arms sales provide a rare economic boost amid the strains of ongoing conflict, doubling Israel’s defence export value over the past five years. The defence ministry stated that the success of Israeli military technology in recent conflicts had enhanced its global reputation, driving demand worldwide.
Major defence companies, such as Rafael and Israel Aerospace Industries, have thrived, with some orders nearing $15 billion.
The record sales come despite mounting international criticism of Israel’s military operations, particularly in Gaza, where airstrikes have caused extensive destruction and thousands of casualties.
Several countries, including Spain, have cancelled or suspended defence contracts with Israeli firms in protest. Nonetheless, many European nations continue to rely heavily on Israeli defence systems to counter regional threats, including Russian aggression.
