WASHINGTON (Reuters) - Sales of U.S. military equipment to foreign governments fell slightly in the fiscal year ended Sept. 30 to $55.4 billion from $55.6 billion a year earlier, a U.S. official said on Tuesday.
Looser restrictions on sales under the Trump administration had increased foreign military sales by 33 percent from 2017 to 2018.
The Trump administration rolled out a new “Buy American” plan in 2018 that had relaxed restrictions on sales while encouraging U.S. officials to take a bigger role in increasing business overseas for the U.S. weapons industry.
There are two major ways foreign governments purchase arms from U.S. companies: direct commercial sales, negotiated between a government and a company; and foreign military sales, in which a foreign government typically contacts a Department of Defense official at the U.S. embassy in their capital. Both require approval by the U.S. government.
The largest U.S. arms contractors include Boeing (NYSE:BA) Co, Lockheed Martin Corp (NYSE:LMT), Raytheon (NYSE:RTN) Co, General Dynamics Corp (NYSE:GD) and Northrop Grumman Corp (NYSE:NOC).