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Major US retailers turn to India due to anticipated rise in Yuan value
11 Jul '05
1 min read
Major retailers from United States tends to increase purchase of cheap clothing and jewelry from India, as they face rising costs in China, due to revaluing its currency.
Retailers such as Wal-Mart Stores, Gap Inc and Chico's FAS that purchased Chinese goods of nearly $ 65 billion last year are now turning to India, a result of expected rise in Yuan by ten percent.
Norbert Ore, Committee Chairman of the Tempe, Arizona-based Institute for Supply Management informed that retailers could turn to India to buy-out cheap clothigs.
They have entered into a virtual world where buyers would immediately move to the lower-cost country, Norbert added.
The largest retailer in the world, Wal-Mart is increasing buying from India by 30 percent to $1.5 billion this year.
The US is constantly putting pressure over China to change its almost decade old policy of fixing the Yuan at about 8.3 to the dollar to cut down the surge of cheap Chinese products in the US markets.
Retailers such as Wal-Mart Stores, Gap Inc and Chico's FAS that purchased Chinese goods of nearly $ 65 billion last year are now turning to India, a result of expected rise in Yuan by ten percent.
Norbert Ore, Committee Chairman of the Tempe, Arizona-based Institute for Supply Management informed that retailers could turn to India to buy-out cheap clothigs.
They have entered into a virtual world where buyers would immediately move to the lower-cost country, Norbert added.
The largest retailer in the world, Wal-Mart is increasing buying from India by 30 percent to $1.5 billion this year.
The US is constantly putting pressure over China to change its almost decade old policy of fixing the Yuan at about 8.3 to the dollar to cut down the surge of cheap Chinese products in the US markets.
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