The world finds itself in a full-fledged crisis and it is obvious that the COVID-19 pandemic is not going to end quickly. That said, a period of crisis leads to the emergence of new conditions that contribute to the rise of some players and the decline of others. The crisis caused by COVID-19 is no exception. Supply chains reach their breaking point causing significant business impact, but, at the same time, procurement leaders are forced to change their usual tactics. As for now, there are a few lessons that might be useful in tackling the issues in procurement outsourcing in

As a result of the ongoing trade war between the US and China, we expected data to show that imports from China had dropped and affected companies are relocating production back to the US. In reality, Chinese exports are not dropping, and production is not returning to the US but rather it is moving to places like Vietnam, India, Mexico and Thailand. The Numbers Before digging deeper into this phenomenon, let’s look at the chart below, compiled by the BBC, to get a grasp of the magnitude of the tariff situation.   Painful Start To The Transition That doesn’t mean

In many cases, it is difficult to say in what ways a sourcing and trading companies differ. And people often mistakenly believe that they are the same. There is a fine line between the two, but it so fine that it is almost impossible to detect. And although many of their elements overlap, it still does not mean that the two terms can be used interchangeably.  Sourcing Company Sourcing services can be provided both by a company and a single person acting on your behalf whenever necessary, be it imports from China or any other country you might need to

The results of the summit held by the National People’s Congress and the Chinese People’s Political Consultative Conference has been a hot topic over the past month. They represent two of the most influential assemblies in the world, held each year at the beginning of March. At this meeting, known as the Two Sessions, China’s 2019 economic and political course was presented. Among the major announcements was the reduction in the current VAT rates of 16% and 10% to 13% and 9% respectively, according to a government report by Chinese Prime Minister Li Keqiang. During the year, the VAT rate