Major global events of the past five years have sparked seismic shock waves in global supply chains, relocating where businesses manufacture and source their products. Whether facing rising labor costs in China, new tariffs in the U.S.-China trade war, or cataclysmic shutdowns amid the Covid-19 pandemic, most businesses have had no choice but to expand their supplier networks into new geographies.

A recent survey of businesses with global supply chains conducted by QIMAone found that two-thirds of buyers plan to further diversify their sourcing in 2021 and engage suppliers in new regions.

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