The President has been right about the threat of the Chinese regime since inception. Nothing could have proven him more right than the deadly coronavirus pandemic that came from the rogue nation.
American learned very quickly that having all of your eggs in one basket with medicines, along with other key materials and goods in China was a terrible decision.
The following is from our friends at The Epoch Times:
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.
China is still a major global player for sourcing, however, its dominance has become “noticeably less dramatic” compared to prior years, according to a Qima report that shows key survey findings.
For example, 75 percent of respondents globally named China among the top 3 sourcing geographies this year, compared to an overwhelming 96 percent in 2019.
Many companies especially those in textile and apparel have made supplier diversification a priority for a while, with Vietnam continuing to gain popularity as an alternative to China.
Among other Asian countries, Taiwan is emerging “an indisputable leader” as it enjoys overwhelming preference as a sourcing market among American companies.
The pandemic has also accelerated the need to reshore supply lines to the United States or near-shore to Latin and South America.
“Consistently ranking among China’s regional competitors, Vietnam continues to reap the most benefits of the continued mass exodus of Western buyers from China, with 40 percent of EU respondents and almost as many U.S. brands including Vietnam among their top sourcing regions,” the report stated.
“For U.S.-based companies, sourcing destinations closer to their home country continue to grow steadily, with the popularity of Latin and South America almost doubling compared to last year,” the Qima report stated.
You can read more from our friends at The Epoch Times.