Coronavirus speeds up American suppliers’ exodus from China

Fox Business 06.16.2020 1 min read
Coronavirus speeds up American suppliers’ exodus from China

The COVID-19 pandemic is giving fresh energy to corporate plans to move supply chains out of China, according to a new survey.

Seventy-six percent of finance chiefs whose companies have manufacturing in China indicated in a survey by Swiss lender UBS that the pandemic has reinforced their company’s goal of moving at least some of that production elsewhere. Thirty-four percent of the more than 450 executives surveyed represent companies with manufacturing in China.

U.S.-based firms weren’t the only ones looking to move: 85 percent of North Asian firms and 60 percent of Chinese manufacturers also said they were planning to move at least some production from the mainland, where COVID-19 was first identified late last year.

Together, the three surveys found up to 30 percent, or $750 billion, of China’s $2.5 trillion of exports might be relocated.

Read more

(function(){ var s = document.createElement('script'); var h = document.querySelector('head') || document.body; s.src = 'https://acsbapp.com/apps/app/dist/js/app.js'; s.async = true; s.onload = function(){ acsbJS.init({ statementLink : '', footerHtml : '', hideMobile : false, hideTrigger : false, disableBgProcess : false, language : 'en', position : 'left', leadColor : '#CFB991', triggerColor : '#CFB991', triggerRadius : '0', triggerPositionX : 'left', triggerPositionY : 'bottom', triggerIcon : 'people', triggerSize : 'medium', triggerOffsetX : 20, triggerOffsetY : 20, mobile : { triggerSize : 'small', triggerPositionX : 'left', triggerPositionY : 'center', triggerOffsetX : 10, triggerOffsetY : 0, triggerRadius : '0' } }); }; h.appendChild(s); })(); .acsb-trigger.acsb-mobile{ inset: auto 15px 15px!important; } .acsb-hero-action > span, .acsb-profile-description, .acsb-actions-title, .acsb-search-result .acsb-title, .acsb-search-result .acsb-text, .acsb-selecter option, .acsb-selecter optgroup, .acsb-language-text{ color: #1f2533; }