China has overtaken Germany to become the world's third-biggest arms exporter, although its 5% share remains small compared to the combined 58% of exports from the U.S. and Russia, a new study says. China's share of the global arms market rose 143% from 2010 to 2014, a period during which the total volume of global arms transfers rose by 16% over the previous five years, the Stockholm International Peace Research Institute, also know as 'SIPRI,' said in a report released Monday. The U.S. retained a 31 percent share of the global arms market, exporting to at least 94 recipients, SIPRI says. Countries in Asia and Oceania took 48% of U.S. exports, followed by the Middle East with 32% and Europe at 11%.