Russia sold $7.4 billion worth of weaponry in 2007 and during the first nine months of 2008 its arms exports increased by 23% year-on-year.
"The Russian government set the goal of raising arms exports to $8 bln in 2008, and we hope to reach or even exceed this goal by the end of the year," Konstantin Biryulin, deputy head of the Federal Service for Military-Technical Cooperation, said on the eve of the Euronaval 2008 arms trade show, which will be held at the Paris Le Bourget exhibition center on October 27-31.
In 2007, naval equipment made up just 9% of Russia's export orders, totaling around $600 million, with India, China, Algeria, Vietnam and Indonesia the key buyers of Russia's naval armaments.
India and China have in the past purchased submarines, frigates and destroyers. Vietnam has ordered Svetlyak-class fast attack boats and frigates, while Indonesia will receive corvettes built in Russia in cooperation with Spanish firms.
Biryulin said that aircraft and air defense systems continued to dominate Russia's arms exports, although the naval component has recently shown serious potential.