Imports by Azerbaijan were 20 times higher than those of Armenia in 2012-16.
It has delivered major weapons to at least 100 countries over the five-year period, significantly more than any other exporting country.
Vietnam, in particular, dramatically increased imports by 202 per cent, which puts it in the list of 10 largest importers.
The largest exporter, the United States, increased arms exports by 21%, with nearly half going to the Middle East, the think tank said.
"Both advanced strike aircraft with cruise missiles and other precision-guided munitions and the latest generation air and missile defence systems account for a significant share of United States arms exports", Dr. Fleuant said in a statement accompanying the report.
On the other side of the counter, India, Saudi Arabia and the UAE were listed as the world's largest importers of arms, with India accounting for 13% of all buys, a majority of which are purchased from Russian Federation. Its arms exports increased by 21 per cent compared with 2007-2011.
It was followed by Saudi Arabia, which saw a huge increase compared to the previous five years.
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The import and export of major weapons is at its highest global level since the end of the Cold War, a new report has claimed.
According to SIPRI, between 2012 and 2016 arms deliveries rose by 8.4 percent. The Institute's database covers the period since 1950, while describing the trends in global military transfers, the experts examined an average performance of a five-year period.
However the agency's three to five year economic forecast of its foreign weapons sales did sync up with Monday's SIPRI report.
The United States and France are the main weapons providers for the Middle East, while Russian Federation and China are the main exporters to Asia.
"Over the past five years, most states in the Middle East have turned primarily to the United States and Europe in their accelerated pursuit of advanced military capabilities", said Dr Wezeman.
Russian Federation and China were the biggest suppliers of weapons to Asia.
"Despite low oil prices, countries in the region continued to order more weapons in 2016, perceiving them as crucial tools for dealing with conflicts and regional tensions".
"With no regional arms control instruments in place, states in Asia continue to expand their arsenals", said Dr Siemon Wezeman, senior researcher with Sipri's arms and military expenditure programme. It was also reported that India acquired most of its weapons from Russian Federation.