China is having problems exporting its weapons

Chinese defence companies are facing problems exporting their own weapons due to the high level of competition in the global market.

Here's What We Know

Militarnyi conducted an analysis based on the companies' financial statements and their position in the global Top 100 Defence Companies by Revenue.

Thus, the state-owned Aviation Industry Corporation of China (AVIC) is among the ten most profitable Chinese defence companies in the world. Compared to 2022, it moved to second place from fourth and increased its revenue by USD 15 billion.

The Chinese shipbuilding giant China State Shipbuilding Corporation Limited also has a good position. The company carries out mass production of surface and underwater vehicles both for the Chinese Navy and for export. In 2023, it increased its revenue by $3 billion, ranking 8th in the global ranking.

But another Chinese company, NORINCO, has had problems over the year. Recently, it has had serious difficulties exporting weapons, namely armoured vehicles, artillery, firearms, etc.

Due to poor sales, which fell by 8%, equivalent to $1.2 billion, the company dropped from the 8th place it held in 2022 to the 9th place.

Interestingly, the state-owned aerospace company China Aerospace Science and Technology Corporation (CASC) also suffered a setback. Due to the export failure, it fell from 15th place in the ranking (in 2022), when it reported $9.6 billion in profit, to 52nd place in 2023, earning $2 billion over the year, a 78% decline.

The publication notes that this "lacklustre" result is primarily due to competition in the global market. After all, there are approximately 30 countries that manufacture armoured vehicles, including armoured personnel carriers, armoured personnel carriers and other military vehicles, and most of them are trying to sell their own products to others.

Source: Militarnyi