China has always remained the preferred sourcing market for the majority of U.S. businesses. The two countries have a strong economic dependency on each other. However, over the last couple of years, the trade relations between the two countries have experienced uncertainty and experts believe that the situation is likely to get more unpleasant in the years to come. Many of the leading U.S. business firms are facing difficult situations as the United States government has considerably increased tariffs on Chinese goods.
At BlinkGlobal, we help our clients find the most competitive consumer bases around the world. In this article, we are listing down the top 3 rising sourcing markets in Asia that you can consider as an alternative to China.
Indian products have gained popularity not only in the United States but are being admired across the world. The two countries also enjoy a cordial relationship. The economic ties between the two countries are great as evident by the fact that the US has remained India’s top trading partner for the second consecutive fiscal in 2019-20.
What truly makes India a competitive sourcing choice is a technical mindset and strong engineering capabilities of its suppliers. Indian engineers have a strong reputation for innovation. The overall workforce is skilled and is greatly contributing to higher quality production runs. India has also emerged as the largest producer of organic cotton and has over 1,254 Global Organic Textile Standard (GOTS) certified facilities.
Vietnamese exports to the United States and Europe are booming. With a literacy rate of 95%, the Southeast Asian country has emerged as one of the leading and fastest-growing economies of the world. The country has skilled labor and engineers that produce the finest quality products parallel to none. The business relations between the United States and Vietnam are stronger than ever. United States is the leading trade partner of Vietnam with a trading volume totaling up to 41,550 (US$ Mil).
China has for long monopolized the electronic industry but over the last couple of years, Vietnam’s electronics industry has proved to be a competitive alternative choice. The industry is dominated by multinational businesses which have significantly boosted and Vietnam’s trade volume and contributed to its GDP.
Malaysia is now the third-largest economy in South East Asia. The Country is a popular travel destination among U.S. tourists. Over the last couple of years, the country has increased its production capabilities and is now the leading supplier of electrical equipment, medical apparatus, rubber articles, plastic articles, iron, steel, aluminum, and more.
The country has also been keen to invest in its workforce and now stands sixth globally on the World Economic Forum’s ranking of workforce skills. The country’s geography also plays to its advantage and is home to the second and third busiest ports in South Asia.
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