Weapons exports will exceed $8 billion this year, said Mikhail Dmitriyev, head of the Federal Service for Military and Technical Cooperation.
Arms sales have grown at a quick pace, reaching a post-Soviet record of $7.5 billion last year.
According to the latest report by Stockholm International Peace Research Institute, Russia accounted for one-quarter of global arms sales in 2003 to 2007, coming a close second behind the United States. While China and India have been the leading customers, Russia recently has also struck big weapons deals with Venezuela, Algeria and Iran.
Dmitriyev on Tuesday confirmed that Russia had completed the delivery of 24 Su-30 fighter jets to Venezuela.
Dmitriyev also acknowledged that the country's military hardware producers have struggled to fulfill the earlier contracts.
"At present, we have a line of foreign customers waiting for military products, foremost air defense systems under earlier contracts," Dmitriyev said, Itar-Tass reported.
But despite the steady increase in sales, Russia has suffered several recent, highly publicized failures in arms exports that were widely attributed to swelling production costs and the general inefficiency of the nation's weapons industries.
Russia demanded a revision of the contract price in a deal to refurbish a Soviet-era aircraft carrier for the Indian navy, and difficult talks with the disgruntled Indian officials are still ongoing.
It also has failed to fulfill China's order for 38 Il-76 transport planes and Il-78 tankers, leading to the suspension of the deal.
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