NEW DELHI: US retailer Walmart said Thursday that it will triple its exports of Indian-made products to $ 10 billion each year by 2027, compared to $ 3 billion today. India is already one of the main sourcing centers for Walmart, which is the world’s largest retailer by sales.
Earlier this year, Amazon, Walmart’s archrival Jeff Bezos, said that the e-commerce giant will use its global presence to export $ 10 billion worth of Indian-made products by 2025. The online retailer, which is waging a pitched battle with Walmart- Backed Flipkart in India, it said in July that it had already exported $ 2 billion worth of goods and that the last billion occurred in less than 18 months.
“We see tremendous potential for Indian suppliers to grow their businesses by taking advantage of the unique scale and global distribution opportunity that Walmart provides,” said Doug McMillon, President and CEO of Walmart. Walmart’s revised sourcing commitment is expected to provide opportunities for new suppliers in India in various categories, including food, pharmaceuticals, consumables, and health and wellness. Walmart has sourced products from India for over 20 years, resulting in 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 a 77% stake in Flipkart, currently exports Indian-made clothing, home goods and jewelry to 14 markets, including the US, Canada, Mexico, Central America and the United Kingdom, through Walmart’s global sourcing office in Bengaluru that opened in 2002.