Walmart (New York Stock Exchange:WMT) is increasingly importing goods from India to the US in an effort to diversify its supply chain.
Citing data from Import Yeti, the news outlet reported that Walmart (WMT) ships a quarter of its imports from the United States. India was only 2% in 2018 for the period January to August 2023.
Although China remains the largest importer of goods for retailers, data shows that only 60% of shipments came from Asian countries from January to August 2023, compared to 80% in 2018. Ta.
Large U.S. companies are increasing imports from countries such as India, Thailand and Vietnam, citing rising political tensions between the U.S. and China and the cost of imports from China.
Walmart (WMT) recognizes India as a critical component of its supply chain, with Vice President of Sourcing Andrea Albright saying in an interview, “We are a growing company and looking to source more manufacturing capacity.” “India is emerging as an important factor.” It’s part of Walmart’s efforts to build manufacturing capacity. ”
CEO Doug McMillon and Indian Prime Minister Narendra Modi met earlier this year, and the executive said, “This visit with Prime Minister Narendra Modi reinforces the shared values we bring to the table by working with India. We will continue to work together to support India.” Promote growth and create opportunities for manufacturing in this country. ”
The American retailer imports a variety of products from India, with Albright citing processed foods, dried grains and pasta as popular imports from the country.
In other news, Walmart (WMT) revealed insider trading by director and 10% owner Rob Walton. Walton sold nearly $120 million in company stock in a series of transactions between November 27, 2023 and November 29, 2023.