Caracas, April 16, 2015 (venezuelanalysis.com) - According to a new report by the Stockholm International Peace Research Institute (SIPRI), Venezuela reduced its military budget by 34 percent in 2014, leading the the region in arms spending cuts.

Venezuela is followed by Uruguay, which decreased its military spending by 11 percent over the past year.

In contrast, United States political allies Paraguay and Mexico led the region in upping military spending, raising their military budgets by 13 and 11 percent, respectively.

Brazil, which is the largest arms spender in Latin America and the tenth largest in the world, cut its military budget by 1.7 percent due to economic difficulties.

The Americas remains the region with the highest military spending, a fact undoubtedly attributable to the presence of the United States, which, despite a modest budget cut of 6.5 percent, retains its spot as the world's top arms spender.

With an annual military budget of $610 billion, the US accounts for one-third of global spending, amounting to more than triple the budget of the second highest spender, China.

Nonetheless, this enormous disparity in spending has not prevented the US from branding Venezuela a menace to its neighbors, on numerous occasions.

In 2009, then US Secretary of State Hilary Clinton accused Venezuela of fomenting an "arms race" with its purchase of Russian weapons. That same year, Venezuela led the region in cutting military spending, slashing its arms budget by one-quarter.

Last month, President Barack Obama issued an Executive Order labeling Venezuela a "national security threat", a move which has been vociferously condemned by a host of countries and multilateral blocs across the globe.