British Arms Exports Fall as Saudi Contracts Ends
and Asian Market Remains Soft

Britain has unveiled a new military exports reporting system that includes more details of contracts and export licenses than ever before. The 1999 Strategic Exports Control report has been revised in line with government 'ethical foreign policy' guidelines. The bottom line of the report is that UK military exports have fallen to just £980 million ($1.48 billion), less than half of what they were in 1998, and less than a third of the 1997 figure. The dramatic decline in revenue is due largely to the winding up of the massive Al-Yamamah contracts with Saudi Arabia, and the aftermath of the Asian financial crisis.

By Rob Hewson