US retailer Walmart said it will triple its exports of India-made goods to $10 billion each year by 2027 up from $3 billion at present. India is already one of the top sourcing hubs for Walmart, which is the world’s biggest retailer by sales.
Earlier this year, Walmart’s arch rival Jeff Bezos’s Amazon said the e-commerce giant will use its global footprint to export $10-billion worth of made-in-India goods by 2025. The online retailer, which is fighting a pitched battle with Walmart-backed Flipkart in India, said in July that it had already exported goods worth $2 billion with the last billion happening in less than 18 months.
“We see huge potential for Indian suppliers to grow their businesses by leveraging the unique scale and global distribution opportunity Walmart provides,” Doug McMillon, president and CEO of Walmart said. Walmart’s revised sourcing commitment is expected to provide opportunities to new suppliers in India across several categories, including food, pharmaceuticals, consumables and health and wellness. Walmart has sourced goods from India for more than 20 years, leading to increased business for companies, including Welspun, LT Foods and Aniket Metals and Global Green Company.
The company, which spent around $16 billion in 2018 to acquire 77% stake in Flipkart, currently exports India-made apparel, homeware and jewellery to 14 markets, including the US, Canada, Mexico, Central America, and the UK, through Walmart’s global sourcing office in Bengaluru that opened in 2002.