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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)
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