AssetID: 53261416
Headline: UNCAPTIONED: Walmart Shifts US Import Focus From China to India
Caption: Walmart Shifts US Import Focus From China to India. NBC reports that Walmart has begun importing more goods to the United States from India as it reduces its reliance on China. According to data seen by Reuters, the world's largest retailer is looking to cut costs, while also diversifying the company's international supply chain. Between January and August of 2023, one quarter of Walmart's U.S. imports were shipped from India, compared to just 2% in 2018. According to bill of lading figures shared with Reuters by data firm Import Yeti, 60% of the company's imports came from China over the same period of time, down from 80% in 2018. NBC reports that the shift illustrates how escalating tensions between the U.S. and China have encouraged companies to begin sourcing imports from India, Thailand and Vietnam. "We want the best prices. That means I need resiliency in our supply chains." "I can’t be reliant on any one supplier or geography for my product because we’re constantly managing things from hurricanes and earthquakes to shortages in raw materials." Andrea Albright, Walmart’s executive vice president of sourcing, via NBC. Andrea Albright, Walmart’s executive vice president of sourcing, said that India has become a key component of the company's plan to build its manufacturing capacity. The company currently imports about $13 billion in goods from India annually. In 2020, Walmart committed to import $10 billion of goods from India annually by 2027. According to Albright, the company is on track to hit that goal. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Walmart,China,Import,Focus,United States,India,Reliance,Shifts,Company,International,Reuters,Tensions,Thailand,Vietnam,Encouraged
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