The latest data covering global arms sales shows that sale of arms in 2008 decreased to around $55 billion, over 75% of which went to developing countries. This was down from a total of almost $60 billion the year before but was still the second highest amount in the 8 year period the data covers.
While the global financial crisis has affected many countries, it seems like the decrease in arms purchases in 2008 occurred mostly in industrialized nations; developing nations saw a slight increase in purchases.
Updated graphs and charts on arms sales data are provided here.
The arms trade is big business. The 5 permanent members of the UN Security Council (US, Russia, France, United Kingdom and China), together with Germany and Italy, account for over 80% of the arms sold between 2001 and 2008.
Some of the arms sold go to regimes where human rights violations will occur. Corruption often accompanies arms sales due to the large sums of money involved.