Israeli defense sales last year plunged to their lowest point in seven years, with just $5.66 billion in new contracts signed in 2014, according to data released Thursday by the Israeli Ministry of Defense.

The 2014 year-end figures mark a nearly $1 billion dip from 2013 levels, and some $1.7 billion less than all-time highs recorded in 2012 and 2009.

In those peak years, Israel’s MoD reported $7.4 billion in new business, more than a third coming from Asia-Pacific customers, and at least $1 billion coming from the North American market. […]