GT Online: Walmart Pulls out of China and will Buy $10 Billion of Indian Goods

Written by: Ermat

Image Source: www.chinadaily.com.cn

Wal-Mart announced it has moved its global supplier operations from China to India and will purchase $10 billion of Indian goods, Netflix reported on Oct. 18.

Although Walmart currently has 20,000 suppliers in China, and the total amount of goods purchased from China each year reaches about 70% of the global procurement volume. However, Walmart still relocated its global supplier operations from China to India. This is mainly because of the ongoing tensions between the U.S. and China. The virus and vaccine disasters have brought the relationship to the brink of war. China has a huge debt. Once China goes bankrupt, Walmart’s future is unpredictable. Besides,  Walmart’s growth in China has stagnated in recent years. Even between 2016-2020, Walmart closed 80 stores and is continuing to do so into 2021.

India is currently the second most populous country in the world. India is recognized as a large potential market.  It is one of the best options for Walmart to leave China and move to India.

Source: 

突发!沃尔玛全球供应商总部撤离中国,花100亿美元只为搬到印度

Disclaimer: This article only represents the author’s view. Gnews is not responsible for any legal risks.

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