Moscow managed to exploit the opportunity of the golden decade to the fullest. This general evolution was mirrored by the ups and down of Russia's portfolio in the region. Between the two periods, arms imports by Latin America dropped 40%. Taken the region as a whole, Latin America's military purchases were 10% of global arms transfers in 2010-2014, and 5.7% in 2015-2019, according to SIPRI. Meanwhile Central America and the Caribbean, less affected by the commodity cycle, kept increasing the expenditure in arms imports over the last years, South America, more depending on minerals and oil exports, reduced the volume of arms transfers. After the commodity boom was over the region lowered its military purchases. The purchasing spree was notorious during the golden decade of high commodity prices (2004-2014), specially during the first five years, which were the more profitable in public income terms. As the Latin American countries improved their economies, they looked to modernize their military and defense systems. Over the last two decades Latin America increased its military expenditure. ▲ A Russian Sukhoi Su-30MK2 bought by Venezuela, in Barquisimeto in 2016 ĪRS Report 2020 / Peter Cavanagh But the pink revolutions wave has subsided in almost all places The arrival of the Bolivarian left to power in many countries brought tight relations with Moscow. Over the last five years, the region carried out 40% less arms imports than during 2010-2014 the end of the commodity boom era reduced military equipment purchasesĬhavez's Venezuela got almost $20 billion in Russian loans to buy weapons, but the collapse of the Venezuelan oil industry has left Moscow without a clear full repayment The region purchased only 0.8% of total Russian arm exports in 2015-2019 the US has recovered its position as the main arms supplier for the Americas
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