Schedule a Call Back
Amazon to export $5 billion in small-ticket items from India in 2024
Industry News- Sep 06,24
Companies such as Walmart are also scaling up their imports from India while decreasing their Chinese procurement.
Amazon plans to significantly increase its small-ticket exports from India, targeting approximately $5 billion in 2024, up from nearly $3 billion in 2023. This expansion, which includes shipments to markets like the United States and Britain, highlights India's growing prominence in the global supply chain and signals a strategic shift from reliance on China.
This move by Amazon reflects a broader trend among multinational corporations to diversify their sourcing and reduce dependence on China. Companies such as Walmart are also scaling up their imports from India while decreasing their Chinese procurement. Between January and August 2023, Walmart sourced a quarter of its US imports from India, a notable increase from just 2 percent in 2018.
The shift comes as companies seek to mitigate risks exposed during the COVID-19 pandemic and ongoing geopolitical tensions. With China's lockdowns and trade uncertainties impacting global supply chains, many firms are adopting a ‘China plus one’ strategy, relocating production to countries like India, Mexico, and Southeast Asia.
According to the Boston Consulting Group, over 90% of North American manufacturers have relocated some production from China in the past five years, with similar moves expected in the coming years. India, in particular, is emerging as a key player in this new manufacturing landscape, offering competitive costs, a large labour pool, and a potentially vast domestic market.
(Businesstoday)
Related Stories
Aerospace Defence
India signs deal with Russia for advanced Pantsir air defence systems
The Pantsir system is a mobile, highly adaptable defence platform designed to shield military installations and critical infrastructure from a range of aerial threats, including aircraft, drones, an..
Read morePolicy Regulation
India's exports set to exceed $800 billion this fiscal year: A Sakthivel
He highlighted that the establishment of 12 new industrial cities would further stimulate domestic manufacturing, while the success of the Production-Linked Incentive (PLI) scheme has bolstered the ..
Read morePolicy Regulation
EEPC targets $300 billion in exports by 2030; Shows vision for New India: Goyal
The Minister also acknowledged EEPC’s contributions across various sectors, including mobility, capital goods, and steel, noting that the council has been pivotal in building national engineering ..
Read moreRelated Products
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
