A survey ‘Evolution of Sourcing in 2020 conducted by Hong Kong- based QIMA says, Bangladesh remains one of the top sourcing destinations after China for international clothing retailers and brands even during the pandemic because of competitive prices. The survey results were drawn from inputs by over 200 businesses around the world across a variety of consumer product segments and built on previous QIMA research.

The report analyses the evolution of global sourcing in response to the ongoing COVID-19 pandemic, US-China trade tensions and other disruptions to global supply chains. The report states, China still dominates as the global sourcing destination though its dominance is noticeably less dramatic compared to previous years, especially in industries such as textile and apparel, where supplier portfolio diversification has been a priority for a while now.

Consistently ranking among China's regional competitors, Vietnam continues to reap the most benefits of continued mass exodus of Western buyers from China, with 40 per cent of EU respondents and almost as many US brands included Vietnam among their top sourcing regions. The US and the EU brands are exploring sourcing options closer to home but are more likely to near-shore rather than re-shore.

For US-based companies, sourcing destinations closer to home continue to grow steadily, with the popularity of Latin and South America almost doubling compared with last year. Meanwhile, EU brands are increasingly turning to Turkey as a nearshoring destination as the latter was named among the top three sourcing regions by 30 per cent of EU respondents.