Britain continues to be among the world's top arms exporters.

The global defence equipment market was estimated to be worth approximately $98bn (£76bn) in 2017, its highest level in a decade, according to figures from the UK Department for International Trade’s Defence and Security Organisation (DSO). This reflects what it calls “ongoing strategic risks” as well as escalating defence equipment prices.

According to DSO research, the UK held a 12% share of the international defence equipment market in 2017, while the US held a record high share of 53%. On an annual basis, Russia is ahead of the UK, but on a 10-year basis, the UK is the world’s second-largest arms exporter, ahead of France and Russia.

Aerospace equipment exports dominate UK arms exports, accounting for 87% of the UK's total arms exports, while naval equipment and land weapons exports account for only 7% and 6% respectively.

According to DSO, the biggest contributors to the UK's aerospace dominance in arms exports are exports of components for the F-35 fighter jet, part of the world's largest defense program in which BAE Systems holds a 15% stake, and Rolls-Royce engines for aerial refueling tankers sold to Germany.

The importance of the aerospace equipment export sector is demonstrated through the development program of the new generation fighter Tempest that the UK just announced at the recent international air show in Farnborough, with the Ministry of Defense's investment in this program being 2 billion pounds./.