Vietnam remained one of the key beneficiaries of the ongoing sourcing shifts from China, with QIMA data showing demand for inspections and audits there expanding by 30 per cent year on year (YoY) in 2024—plus 26 per cent from US- and EU-based buyers.
The anticipated higher US tariffs on Chinese goods may place Vietnam at an even greater advantage this year. However, if viewed as a ‘middleman country’ for Chinese businesses, Vietnam itself may also come under the risk of tariffs, QIMA noted in a release.
Other Southeast Asian countries also attracted robust volumes of new business from the West in 2024. QIMA recorded double-digit YoY growth of inspection and audit demand in Indonesia (plus 33 per cent YoY), Thailand (plus 15 per cent YoY) and the Philippines (plus 50 per cent YoY). The region is expected to remain resilient in this year, with economic growth projected at 4.9 per cent in 2025.
South Asian sourcing hubs continued to play a crucial role in the procurement portfolios of US-based and European buyers.
QIMA data shows demand for India inspections and audits expanding by 25 per cent YoY, including a 25-per cent YoY growth among Western buyers.
Bangladesh also closed 2024 with double-digit growth, despite a challenging year marked by protests, factory shutdowns and extreme weather, highlighting its importance as a key supplier hub for Western brands.
Pakistan and Sri Lanka saw an increase in manufacturing orders as well last year as their economies have continued to stabilise following recent crises.
ALCHEMPro News Desk (DS)
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