"The 2018 Foreign Military Sales #FMS numbers are in! $55.66 billion for Fiscal Year 2018, a 33 PERCENT INCREASE over last year's total of $41.93!" the State Department said in a Twitter post, adding that Defense Security Cooperation Agency Director Lt. Gen. Charles Hooper would reveal more details about the yearly total.
According to Reuters, the increase in foreign military sales came in part because the Trump administration rolled out a new "Buy American" plan in April that relaxed restrictions on sales while encouraging US officials to take a bigger role in increasing business overseas for the US weapons industry.
The largest US arms contractors reportedly include Boeing Co, Lockheed Martin Corp, Raytheon Co, General Dynamics Corp and Northrop Grumman Corp.
READ MORE: 'Bad Policy': US 2019 Defense Budget May Lead to Wasteful Spending – CIA Veteran