Navigating the Sourcing Landscape: Insights from QIMA's 2024 Global Sourcing Survey

In the ever-evolving world of global sourcing, staying informed is key. Today, we bring you insights from the QIMA Global Sourcing Survey 2024, a comprehensive annual survey that sheds light on the current sourcing landscape, supply chain compliance, and future expectations.

The survey, which gathered responses from over 800 businesses worldwide, reveals a subdued outlook for 2024. A significant 63% of respondents anticipate supply chain disruptions to persist or even worsen by the end of the year, with European businesses expressing particular concern. This aligns with the ongoing challenges we discussed in our previous article 2023's Top Supply Chain Challenges Extend to 2024 .

The survey highlights the growing importance of Environmental, Social, and Governance (ESG) factors in sourcing decisions, with 70% of businesses considering at least one ESG factor. This trend underscores the need for mature markets to keep up with demands for ethical compliance .

The survey also emphasizes the role of digitization in supply chain management. Businesses with highly digitized supply chains found compliance easier, underscoring the need for digital transformation in the industry. However, full visibility into supply chains remains elusive for many, with only 16% of businesses reporting complete transparency.

In terms of sourcing, businesses were twice as likely to expand buying volumes with Chinese suppliers than a year ago, despite ongoing trade tensions. This suggests that sourcing in China is on its way to pre-pandemic rates .

Finally, the survey indicates a growing trend towards nearshoring and reshoring. Over half of the businesses worldwide increased sourcing from local and regional suppliers in 2023, and almost two-thirds plan to maintain this trend in 2024. This shift towards outsourcing to nearshore markets competes with overseas suppliers .

Download the full QIMA Global Sourcing Survey 2024 for a deeper dive into these findings.

?