Israel Sets New Defense Export Record in 2024, Topping $14.7 Billion
Despite wartime challenges, Israeli defense deals surge — but international concerns over Gaza war begin to cast shadows
Illustration: Elbit Systems website
Israel’s defense exports soared to a new all-time high in 2024, reaching $14.795 billion, according to a report released by the Ministry of Defense (IMOD). This marks the fourth consecutive year of record-breaking growth, reflecting a 13% increase over 2023 and more than doubling the country’s defense exports within five years.
The figures highlight a year of intensified global interest in Israeli defense systems, particularly in the wake of Israel’s wartime operations that began on October 7, 2023. Despite operating under emergency conditions to support Israel Defense Forces (IDF) needs, the defense sector maintained production for international clients, contributing to the surge in export contracts.
Of the hundreds of contracts signed in 2024, 56.8% were classified as mega-deals valued at over $100 million. European countries accounted for the majority of exports—54% of total deal volume—up sharply from 35% in 2023. Asia-Pacific followed with 23%, while countries in the Abraham Accords bloc represented 12%.
Missiles, rockets, and air defense systems made up the largest segment, comprising 48% of exports, a notable rise from 36% the previous year. Other significant sectors included vehicles and armored personnel carriers (9%), satellites and space systems (8%), radar and electronic warfare systems (8%), and manned aircraft and avionics (8%).
Smaller shares were distributed across intelligence and cyber systems (4%), ammunition and armaments (3%), and unmanned aerial vehicles, maritime platforms, and communication systems.
The IMOD attributed the spike in demand to the proven performance of Israeli defense technology during active conflict. “The new record in Israeli defense exports, achieved during a year of war, reflects the growing global appreciation for Israeli technology’s proven capabilities,” said the Director General, Major General Amir Baram.
However, the announcement comes on the heels of less favorable news: Spain recently canceled a planned deal to procure Spike anti-tank missiles from Israel, citing political concerns related to the ongoing conflict in Gaza. While Israel’s defense sector continues to thrive, such decisions could signal potential headwinds. If the war continues to drag on, additional countries may begin to reassess or distance themselves from military cooperation with Israel.