|
| |||||
 | ||||||
| |||||||||||||
 |
Press Releases
Top-tier China Suppliers Benefiting from Economic Slowdown
World's Biggest Buyers Placing Larger Orders with Quality Suppliers, Turn to Global Sources Private Sourcing Events for Assistance Hong Kong, June 20, 2008 – The economic slowdown in the West is not necessarily bad news for China suppliers, as some discovered when attending the June 17 Private Sourcing Event: Digital Personal Electronics hosted in Shenzhen by Global Sources (NASDAQ: GSOL) (http://www.globalsources.com).
The Private Sourcing Event brought together 10 of the world's largest electronics buyers with combined annual sales of $190 billion. Participating buyers met individually with 27 suppliers pre-screened by Global Sources. "Most buyers at the event seek to counter cost pressures by consolidating their supply base and forming closer partnerships with the suppliers they retain – while making their orders larger to gain a pricing advantage," said Global Sources COO, Craig Pepples. "The suppliers they choose to work with are able to reap huge benefits." "As the economic outlook dims in some regions, Private Sourcing Events are becoming increasingly popular with buyers. Some participants even told us their China purchasing for North America is increasing tenfold this year," said Pepples. This huge increase in purchasing for the U.S. was accomplished by increasing purchases of private label products and by consolidating larger orders with fewer suppliers. Circuit City Vice President and General Manager, Jeric Ma, who participated in the Private Sourcing Event, confirmed his company has been increasing its orders from top suppliers in China. "Our imports to both the U.S. and Canada operations increased very substantially in the first 5 months this year. "Because of the pre-screening process that takes place beforehand, we have more confidence in the suppliers we meet at Private Sourcing Events. These events have been a great help to our China sourcing program – helping us find more of the quality suppliers we need in far less time than otherwise possible." China Remains Key Sourcing Base Despite rising costs, electronics buyers remain bullish on China. "Buyers in China face a host of problems including higher raw material and shipping costs, a stronger Yuan, new labor laws, and continuing concerns about quality, but none of our participating buyers is yet considering a move to new areas, at least for electronics products," Pepples said. "In fact, one buyer told me only one of the products in his portfolio is available elsewhere in Asia. The China electronics industry is still extremely competitive because of quality and availability, despite rising prices." To meet increased buyer demand, Pepples said Global Sources will double the number of Private Sourcing Events to be held this year. Buyers participating at the complimentary Private Sourcing Event: Digital Personal Electronics were:
Eighty Global Sources Private Sourcing Events have been scheduled for 2008, with dozens of buyers including Best Buy, Carrefour, Circuit City and Lowe's confirmed to participate. A list of upcoming Private Sourcing Events is available at http://www.PrivateSourcingEvents.com . Suppliers wishing to participate should contact csm@globalsources.com. Specialized Global Sources Websites, Face-to-Face Events and Trade Magazines Private Sourcing Events are part of the company's portfolio of brands for sourcing and product information services, which include Global Sources Online (http://www.globalsources.com), China Sourcing Fairs (http://www.chinasourcingfair.com), Global Sources monthly magazines and Global Sources Direct (http://www.GlobalSourcesDirect.com). For more information about Global Sources' products and services to connect quality buyers and quality suppliers, visit http://corporate.globalsources.com . |
|
| |||||||||||||||||||||||
| Investor Relations | Partner With Us | Help & FAQ | Site Map | Contact Global Sources
| 
| 
| 
| 
| 
| 
| 
| 
| 
New on video
