- THE EPOCH TIMES
US firms moving out of China. US Firms Move Supply Chains Out of China, Explore Options Closer to Home, with Latin and South America gaining significant traction in recent months, according to a survey by Qima.
WASHINGTON—The U.S.–China trade war and the COVID-19 pandemic have forced companies to reduce their excessive dependence on China as a single supplier.
U.S. brands have started to explore sourcing options closer to home, with Latin and South America gaining significant traction in recent months, according to a survey by Qima, a Hong Kong-based supply chain inspection company.
The survey conducted in July among more than 200 businesses around the world found that respondents are increasingly moving their sourcing away from China. Ninety-three percent of U.S. respondents reported that they had plans to further diversify their supply chains. Meanwhile, less than half of EU respondents had a similar strategy.
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