US foreign military sales total $55.6 bln, up 33 pct: US official

WASHINGTON: Sales of US military equipment to foreign governments rose 33 percent to $55.6 billion in the fiscal year ended Sept 30, a US administration official told  on Tuesday.

The increase in foreign military sales came in part because the Trump administration rolled out a new "Buy American" plan in April that loosened restrictions on sales while encouraging US officials to take a bigger role in increasing business overseas for the US weapons industry.

There are two major ways foreign governments purchase arms from US companies: Direct commercial sales, negotiated between a government and a company; and foreign military sales, where a foreign government typically contacts a Department of Defense official at the US embassy in their capital.

Both require approval by the US government. About $70 billion worth of foreign military sales notifications went to Congress this year, slightly less than the year before, the administration official said.

The $55.6 billion figure represents signed letters of agreement for foreign military sales between the United States and allies.

The largest US arms contractors include Boeing Co, Lockheed Martin Corp, Raytheon Co, General Dynamics Corp and Northrop Grumman Corp.