GLOBAL SOURCING

Purchasing and Supply Chain Managementby W.C. Benton

Chapter TenGlobal Sourcing

10-2

Learning Objectives

1. To learn what factors/forces increase foreign trade

2. To learn the basics of global sourcing.

3. To learn how total costs are determined.

4. To understand the hidden costs of global sourcing.

10-3

Learning Objectives

5. To understand the quantitative and qualitative aspects of global sourcing.

6. To learn how to critically analyze various globalsourcing alternatives.

7. To learn how to effectively use foreign trade zones.

8. To learn how to negotiate in different countries.

10-4

Global Outsourcing• As an example, outsourcing is currently perceived as

key to automotive suppliers’ survival, and is being driven by consumers in the price-pressured global market.

• Even as different cohorts take different positions on the overall merit of global outsourcing, the reports and discussions nevertheless have one theme in common.

10-5

Global Outsourcing• The focus has been on a single aspect of outsourcing:

the migration of jobs, and, in particular, the outsourcing of white-collar jobs.

• A few countries, notably India and China, are often targeted as the ones that are displacing American workers by offering cheap labor.

• The intense attention on the outflow of work to overseas locations has generated fear about which jobs or professions will be outsourced next

10-6

Costs of Global Sourcing• The costs of global sourcing include some of the same

costs found in domestic sourcing; there are also costs that are different.

• These costs are grouped into the following categories: administrative, foreign, and common.

• Exclusively foreign costs are those that would not be incurred if a domestic source were found.

• Examples of these costs are duty charges, customs fees, import fees, and currency exchange costs.

10-7

Costs of Global Sourcing

• Ocean and air freight could be mentioned, but these are part of the transportation costs of a good that would be incurred from any source.

• Many of these exclusively foreign costs are established by governments and are very difficult to avoid.

• Finally, there are those costs that are common to both global and domestic sourcing.

10-8

Common Costs

• Direct labor and materials costs, lead-time costs, transportation costs, and inventory costs are a part of both domestic and offshore sourcing.

• Transportation costs, inventory costs, and lead-time costs tend to be higher when sourcing globally.

• On the other hand, labor and materials costs are often lower for firms in developing countries.

10-9

Currency Exchange Rates• One of the most important variables to consider is the

exchange rate of currencies.• Since predicting the fluctuation in currency markets is

extremely difficult, foreign purchases may actually cost more or less than expected depending on the length of the contract.

10-10

Exchange Rates• Depending on the performance and strength of the

dollar, goods can cost American firms different amounts from what’s expected.

• When the dollar is weak, the final cost of goods tends to be relatively more than originally agreed upon.

• When the dollar has a strong performance over the life of a contract, a firm can realize savings through the exchange rates.

10-11

Organizational and Behavioral Issues

• Firms can run into problems when global sourcing is introduced into their organizations.

• The resistance of the firm’s buyers to learn to evaluate global sources is the reason for most of the problems. An attitude of “if it can’ be bought here in the U.S.A., it can’t be bought anywhere” can be seen with some purchasing departments.

10-12

Organizational and Behavioral Issues

• Many buyers simply do not want to learn about the other countries with whom they will be dealing.

• There are many ethical considerations that you must learn in order to be successful. Many companies hire brokers to do their sourcing.

• Lead times and delivery times can create problems also. Longer times can increase inventory needs and drive up carrying costs.

• The extended lead time also might push back the date at which a firm is able to introduce new products to the market.

10-13

Global Sourcing Issues• A third problem companies face in global sourcing is

communication. Many times there are delays and confusion in translations.

• Sending documents via couriers or the postal service is often time consuming and creates problems of obsolescence, more confusion, and late or even lost deliveries.

• There has been an increase in the use of the Internet to eliminate the time delay and confusion.

10-14

Global Sourcing Issues• Global sourcing is the trend of the future.

• Supply management is becoming very important to the survival of both American and offshore firms.

• In certain industries, using foreign suppliers can reduce total costs.

• Firms in the apparel and electronics industries that do not use global sourcing could find themselves out of business when competing with firms that source globally.

• Global sourcing is by no way expanded to completely replace domestic sources; however, it is a way to meet a competitor’s challenge and achieve better value for goods all over the world.

10-15

Global Sourcing as a Strategic Sourcing Option

• Global sourcing is extremely complicated from a quantitative and qualitative viewpoint. The total cost of sourcing is perhaps the most important variable.

• Of course, the costs vary from firm to firm since the

appropriate qualitative components of offshore sourcing must be considered.

10-16

Strategic Sourcing• For instance, the associated qualitative risk profiles of (1) the

impact of national interest, (2) the ethical consequences of “sweat shop” labor, and (3) hazardous working conditions in some foreign countries must be evaluated.

• The quantitative costs are (1) exchange rate uncertainties, (2) direct costs of importation (transportation costs, transaction costs), and (3) indirect importation costs (utilization of fixed assets, pipeline inventories, managerial time, engineering support).

• Moreover, the general uncertainty associated with the business cycle makes offshore sourcing a risky proposition.

10-17

10-18

10-19

Risk VS. Reward• The advantages of sourcing offshore must be weighed against

the associated risk.

• This may seem easy enough to accomplish, but there are some not-so-obvious costs that must be considered.

• The decision process is complicated by additional uncertainty associated with offshore sourcing.

• The buying professional who is considering offshore sourcing must be prepared to fully analyze both the qualitative and quantitative factors..

10-20

Global Risk IssuesSome of these issues are distance, communication, time value of money, quality issues, pipeline problems, staffing issues, and competition.

1. Distance. The distance between the buying and selling firm is significant in terms of time zones and physical location. Internet capabilities usually provide a partial solution.

However, face-to-face contact is preferred for some sensitive issues. IBM requires the buyer to visit each supplier on a routine basis. Trips offshore are more expensive and time consuming.

2. Communication. Communication can be described as the glue that holds together a sourcing relationship.

Without effective communication, global transactions between buying and selling firms would be futile. In addition to being absolutely necessary for the completion of the transaction, communication may also reduce or eliminate uncertainty within the relationship.

10-21

Global Risk Issues3. Time value of money. Since most offshore deals require the use of a “letter

of credit,” the buying firm loses the use of funds when the letter is established. Suppose the shipments arrive two weeks after the letter of credit is established. For a $1.5 million purchase, the buying firm bears a $60,000 (.02 × 1.5 million × 2 weeks) opportunity cost expense.

4. Quality issues. The buying firm must spend the necessary time to correctly specify and articulate quality expectations. Then evaluation makes sure that the sample is from a legitimate production run. Prototypes/lab samples should not be analyzed.

Remember, the buying firm is interested in the actual production on the

entire batch. In some cases, the buying firm should inspect statistical process control charts to assess projected defect rates and the inspection methods. The buyer should renegotiate the agreement ultimately if the process is out of control. These quality issues can easily increase costs of offshore sourcing.

10-22

Global Risk Issues5. Pipeline inventory. Pipeline inventory issues will always occur when a third

party (the shipper) is involved. The problems become pronounced when offshore sourcing is used.

Consequently, pipeline inventory problems can sometimes be next to impossible to

resolve. It is almost impossible to put specific costs on problems associated with pipeline inventory. The pipeline inventory costs are truly a hidden cost that must be considered when evaluating offshore quotes.

6. Staffing. If a buying firm is to be effective with an offshore sourcing strategy, it must either hire experts or develop specialists that are assigned to offshore suppliers. Ideally, these individuals must have experience in purchasing management, quality control, and basic accounting. This cost also must be considered in the evaluation process.

7. The impact of increased competition. The above direct and indirect costs tend to add unexpected costs to purchased items. However, the significant benefits associated with offshore sourcing enable the buying firm to gain leverage over domestic suppliers. Domestic firms are well aware that some firms are considering offshore firms in their long-term strategies.

10-23

Protectionism • However, in a

survey of U.S. port operators and carriers, 77 percent said they favored a reduction in U.S. protectionist legislation.

• Figure 10.1 shows a distinct trend of decreasing tariff rates for goods coming into this country.

10-24

There are many industries and products that are currently protected by such legislation. Although the legal aspects of international sourcing are beyond the scope of this chapter, two examples are given below:

1. The EU (European Union) has been limited to a market share of 7 percent of U.S. steel consumption until just recently when 10 years of protectionist legislation expired.

• The U.S. government also has set certain limits on machine tool imports to protect that industry. In the past 12 months, we have seen increased public outcry for further protectionism legislation from within the United States.

2 According to the 1991 Trade Policy Review of the European Communities,

export controls and restrictions may be imposed for a range of specific purposes including national security; protection of life, health, and the environment; and the preservation of national treasures.

• The community also readily regulates the importation and exportation of dangerous chemicals. The governing regulation is CR Number 1734/88. Authorizations for the import and export of chemicals are still administered by the individual member states.

10-25

Importance of Negotiations

• When negotiating a purchase agreement, there are certain general attributes in dealing with various offshore suppliers.

• An attempt will be made to explain the nuances of negotiating with the people of various Western European countries and China.

10-26

United KingdomUnited Kingdom

• Typical trading partners include the United States, Germany, and other countries in the European Union (EU). Exports include machinery, transportation equipment, petroleum, and other manufactured goods.

• We can’t assume that the English and American businesses operate in the same manner.

• English executives may appear polite and friendly, but they can be tough and ruthless when appropriate.

Negotiations

10-27

• Most of the executives you encounter will have attended a university, and 50 percent hold doctorates. The title “Dr.” commands instant respect. Germans tend to be specialists in one industry with multiple company experiences.

• Due to technical expertise, German negotiators are extremely cautious. The opponent should be well prepared on technical details.

The Federal The Federal Republic Republic

of Germanyof GermanyNegotiations

10-28

• When doing business in France, you will often go through an intermediary contact whose credentials are impeccable. Your choice of intermediary is important.

• The best contacts are French people who have ties with the person you want to contact—through family status, money, or schooling.

• Schooling is the most important aspect because the elite of French management are linked by having attended prestigious schools.

FranceFrance Negotiations

10-29

• China is now a major player in the world economy and accounts for more than 6 percent of world trade. This is remarkable for a developing economy. There has been strong import growth, both for processing trade and for domestic consumption.

• The major problems when doing business in China are the language barrier, business practices, and a fluid and diverse legal system.

• A well-specified procurement strategy is a basic requirement when buying from China.

ChinaChina Negotiations

10-30

U.S. Export Administration Regulations

Any business or individual wanting to import goods into the United States will have to work with the Export Administration (EA) of the U.S. Department of Commerce. For complete details, consult the U.S. Export

Administration Regulations (EAR). Several steps that you will need to be aware of the following:

1. Determine whether the item (s) in question is subject to the exclusive jurisdiction of another Federal agency.

2. Determine if the technology or software is publicly available.

3. For an item in a foreign country, the origin of the item must be determined.

4. For items made in a foreign country, determine whether it is a controlled item in the US.

5. Determine whether the foreign made item is subject to general prohibition.

10-31

Foreign Trade Zones• The FTC Act of 1934 created

trade zones to encourage exports from foreign countries.

• The act allowed for the storage

of goods within the U.S. boundaries without payment until the goods passed to the buying company

• The foreign trade zones (FTZs) are operated by the U.S. customs service. When goods enter an FTZ, the goods are classified, inspected, and placed in storage.

10-32

The European Union (EU): Overview and What It Means To Purchasing

• The creation of a unified European Union will result in both advantages and problems for the purchasing professional.

• The proposed changes must be considered for future transactions with any of the 14 nations that could be adopting the rules proposed by the EU White Paper to the Council of Ministers.

• Today the EU consists of 25 member countries. Since the Single European Act (SEA) in 1987, 279 proposals have been brought forth to eliminate most trade barriers; approximately 90 percent of the 279 proposals are now law.

10-33

The EU• The formulation of the European Union will lead to the elimination of

customs formalities between countries. There also will be tariff reductions in 4,000 categories of manufactured goods as well as other schedules for reducing trade barriers.

• In the past, a great deal of cost has been added to products and components sourced in Europe to cover these multiple custom costs and tariff fees. The lowering of these costs will once again result in lower prices offered to purchasers.

• The formation of one European Economic Community has resulted in a single standard for buying goods. This single market also will result in a single value-added tax (VAT), not a different one for each country in which the part is produced.

• Currently, these VAT taxes fluctuate from a low level of 12 percent to some as high as 25 percent.

10-34

Countertrade • Countertrade is the exchange of goods for goods in full or

partial payment of a sales transaction. Progressive companies must participate in countertrade or risk of losing market share.

• Counter trade appears to be flourishing in the current climate, largely because of the recent changes that have occurred in the international arms market since the end of the Cold War.

• These changes have affected both the volume of the trade and also the means through which it is financed. There are number of countertrade arrangements. Some of the more popular forms of counter trade are given

10-35

Some of the more popular forms of counter trade are:

1. Offsets are commercial compensation practices required as a condition of purchase of goods and services. – Offsets would include specific

forms such as co-production, licensed production, sub-contractor production, and overseas investment or technology transfer.

– Offsets can be direct or indirect. Examples of direct offsets include the manufacture of German designed naval patrol vessels in South Korean.

2. Indirect offsets occur where products or services transferred in an offset arrangement are unrelated to the specific products referred to in the export agreement. – In many developing countries

where the industrial base and infrastructure are poorly developed, offsets are more likely to be of an indirect nature.

– As an example, selling military aircraft to a developing country and making arrangements to provide aerospace education for some of the citizens of the developing country.

10-36

3. Coproduction: This form of agreement involves

the purchaser being given a share in the manufacture of a foreign designed product. – Coproduction is encouraged

by recipients because of the employment and technology transfer implications. An example would be the coproduction of the British Harrier aircraft by McDonnell Douglas in the United States.

– Tier I suppliers gain commercial advantages under this form of arrangement when there is a high degree of technology transfer.

4. Licensed production: Licensed production is when the recipient obtains a share of the production work for its own order. – The agreement may cover the

assembly of an entire product or service. The agreement may be phased so that the local share of production rises over time.

– As an example, the terms of the 1991 South Korean $5.2 billion purchase of F-16 fighter aircraft from General Dynamics 12 aircraft were to be bought from the US plant, a further 36 are to be assembled in South Korea before, in the final phase, South Korea will produce parts and sub-systems for a further 72 aircraft.

10-37

5. Sub-contractor production: In this case a prime contractor substitutes an existing supplier with one located in the buying country. – As an example, Boeing

placed sub-contracts with several British firms in order to sell the E-3 AWACS aircraft to the United Kingdom.

– In some cases this led to the elimination of US sub-contractors from Boeing's network of suppliers.

6. Technology transfer: Technology transfers occur as a result of an offset are research and development agreements conducted in the buying country. – Technology transfer can

also be commitments for foreign direct investment made by the selling firm to establish or expand a subsidiary or joint venture in the buying country.

10-38

7. Barter: The non monetary exchange of goods-for-goods. As an example the so called oil for food program between Iraq and the EU was designed as a barter program. – However, some of the actual

deals involved illegal cash transactions between some United Nation and the Iranian officials.

– Another example is a deal between the UK and Saudi Arabia which included the purchase of military aircraft with associated training and support, civil aircraft, helicopters, naval ships and construction projects is a classic case of barter.

8. Counter-purchase: The seller exchanges products for Compensatory amounts of commodities. – In the context of developing

Countries this normally involves primary commodities.

– Daimler-Chrysler, General Motors and Toyota use counter trade as the method of payment in Argentina.

– They established programs that sell its products in exchange for grain.

– The grain is then traded through an intermediary for dollars and not in the heavily devalued peso.

– It is not as simple as that, the car companies has to negotiate with the intermediaries and the purchaser over not only the quantity of grain, but also its quality, availability and optimum market price on the day of the sale.

Additional Graphics for Chapter 10

10-39

Table 10.1a Top U.S. Trade Partners

Ranked by 2008 U.S. Total Export Value for Goods

10-40

Top U.S.Trade Partners (Exports)

-

50,000

100,000

150,000

200,000

250,000

Can

ada

Mex

ico

Chi

na

Japa

n

Ger

man

y

Uni

ted

King

dom

Net

herlan

ds

Kore

a

Braz

il

Fran

ce

Belg

ium

Sing

apor

e

Taiw

an

Aus

tral

ia

Switz

erla

nd

Hon

g Ko

ng

Indi

a

Uni

ted

Ara

b Em

irat

es

Ital

y

Isra

el

Mal

aysi

a

Ven

ezue

la

Saud

i Ara

bia

Spai

n

Chi

le

Col

ombi

a

Turk

ey

Rus

sia

Thai

land

Irel

and

ASE

AN

EU-2

7

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 - -Country (Rank)

$ m

illio

ns

10-41


- 50,000 100,000 150,000 200,000 250,000

CanadaMexicoChinaJapan

GermanyUnited Kingdom

NetherlandsKoreaBrazil

FranceBelgium

SingaporeTaiwan

AustraliaSwitzerlandHong Kong

IndiaUnited Arab Emirates

ItalyIsrael

MalaysiaVenezuela

Saudi ArabiaSpainChile

ColombiaTurkeyRussia

ThailandIrelandASEANEU-27

12

34

56

78

910

1112

1314

1516

1718

1920

2122

2324

2526

2728

2930

--

Coun

try

(Ran

k)$ millions

2006

2007

2008

10-42


-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

Can

ada

Mex

ico

Chi

naJa

pan

Ger

man

yU

nite

d Ki

ngdo

mN

ethe

rlan

dsKo

rea

Braz

ilFr

ance

Belg

ium

Sing

apor

eTa

iwan

Aus

tral

iaSw

itzer

land

Hon

g Ko

ngIn

dia

Uni

ted

Ara

b Em

irat

esIt

aly

Isra

elM

alay

sia

Ven

ezue

laSa

udi A

rabi

aSp

ain

Chi

leCol

ombi

aTu

rkey

Rus

sia

Thai

land

Irel

and

ASE

AN

EU-2

7

1 2 3 4 5 6 7 8 9 101112131415161718192021222324252627282930 - -

% C

hang

e 2006-07 %Change

2007-08 %Change

10-43


-10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0%




FranceBelgium

SingaporeTaiwan



ItalyIsrael

MalaysiaVenezuela




12

34

56

78

910

1112

1314

1516

1718

1920

2122

2324

2526

2728

2930

--

% Change

2006-07% Change

2007-08% Change

10-44

Top U.S.Trade Partners (Exports)- 50,000 100,000 150,000 200,000 250,000 300,000 350,000




FranceBelgium

SingaporeTaiwan



ItalyIsrael

MalaysiaVenezuela




12

34

56

78

910

1112

1314

1516

1718

1920

2122

2324

2526

2728

2930

--

Coun

try

(Ran

k)

$ millions

2006 Exports2007 Exports2008 Exports2006 Imports2007 Imports2008 Imports

10-45

Top U.S.Trade Partners

-10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0%




FranceBelgium

SingaporeTaiwan



ItalyIsrael

MalaysiaVenezuela




12

34

56

78

910

1112

1314

1516

1718

1920

2122

2324

2526

2728

2930

--

% Change

2006-07 Export % Change2007-08 Export % Change2006-07 Import % Change2007-08 Import % Change

10-46

Table 10.1b Top U.S. Trade Partners

Ranked by 2008 U.S. Total Import Value for Goods

10-47

Top U.S.Trade Partners (Imports)

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Chi

na

Can

ada

Mex

ico

Japa

n

Ger

man

y

Uni

ted

King

dom

Saud

i Ara

bia

Ven

ezue

la

Kore

a

Fran

ce

Nig

eria

Taiw

an

Ital

y

Irel

and

Mal

aysi

a

Braz

il

Rus

sia

Indi

a

Thai

land

Isra

el

Iraq

Net

herlan

ds

Alg

eria

Ang

ola

Switz

erla

nd

Belg

ium

Sing

apor

e

Indo

nesi

a

Col

ombi

a

Vie

tnam

ASE

AN

EU-2

7

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 - -

Country (Rank)

$ m

illio

ns

2006

2007

2008

10-48


- 50,000 100,000 150,000 200,000 250,000 300,000 350,000

ChinaCanadaMexicoJapan


Saudi ArabiaVenezuela

KoreaFranceNigeriaTaiwan

ItalyIreland

MalaysiaBrazil

RussiaIndia

ThailandIsraelIraq

NetherlandsAlgeriaAngola

SwitzerlandBelgium

SingaporeIndonesiaColombiaVietnamASEANEU-27

12

34

56

78

910

1112

1314

1516

1718

1920

2122

2324

2526

2728

2930

--

Cou

ntry

(Ran

k)

$ millions

2006

2007

2008

10-49


-20.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

Chin

a

Can

ada

Mex

ico

Japan

Ger

man

y

United

Kin

gdom

Sau

di Ara

bia

Ven

ezuel

a

Kore

a

Fran

ce

Nig

eria

Tai

wan

Ital

y

Irel

and

Mal

aysi

a

Bra

zil

Russ

ia

India

Thai

land

Isra

el

Iraq

Net

her

lands

Alg

eria

Angola

Sw

itze

rlan

d

Bel

giu

m

Sin

gap

ore

Indones

ia

Colo

mbia

Vie

tnam

ASEAN

EU

-27

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 - -

% C

hang

e

2006-07 % Change

2007-08 % Change

10-50

Top U.S.Trade Partners (Imports)-20.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0%





ItalyIreland

MalaysiaBrazil

RussiaIndia

ThailandIsraelIraq


SwitzerlandBelgium


12

34

56

78

910

1112

1314

1516

1718

1920

2122

2324

2526

2728

2930

--

% Change

2006-07 % Change

2007-08 % Change

10-51

Top U.S.Trade Partners (Imports)- 50,000 100,000 150,000 200,000 250,000 300,000 350,000

China

Canada

Mexico

Japan

Germany

United Kingdom

Saudi Arabia

Venezuela

Korea

France

Nigeria

Taiwan

Italy

Ireland

Malaysia

Brazil

Russia

India

Thailand

Israel

Iraq

Netherlands

Algeria

Angola

Switzerland

Belgium

Singapore

Indonesia

Colombia

Vietnam

ASEAN

EU-27

12

34

56

78

910

1112

1314

1516

1718

1920

2122

2324

2526

2728

2930

--

Coun

try(

Ran

k)

$ millions

2006 Exports

2007 Exports

2008 Exports

2006 Imports

2007 Imports

2008 Imports

10-52

Top U.S.Trade Partners (Imports) -30.0% -10.0% 10.0% 30.0% 50.0% 70.0% 90.0%





ItalyIreland

MalaysiaBrazil

RussiaIndia

ThailandIsraelIraq


SwitzerlandBelgium


12

34

56

78

910

1112

1314

1516

1718

1920

2122

2324

2526

2728

2930

--

% Change

2006-07 Export % Change

2007-08 Export % Change

2006-07 Import % Change

2007-08 Import % Change

10-53

Table 10.2 Exchange Rate Indexes

10-54

0

20

40

60

80

100

120

140

1 USD Inverse (1USD)

1 EUR Inverse (1EUR)

1 GBP

USD

EUR

GBP

JPY

CAD

AUD

CHF

RUB

CNY

ZAR

MXN

10-55

0

20

40

60

80

100

120

140

USD EUR GBP JPY CAD AUD CHF RUB CNY ZAR MXN

1 USD

Inverse (1 USD)

1 EUR

Inverse (1 EUR)

1 GBP

10-56

0

20

40

60

80

100

120

140

USD EUR GBP JPY CAD AUD CHF RUB CNY ZAR MXN

1 USDInverse (1 USD)1 EURInverse (1 EUR)1 GBP

10-57

Table 10.5 Average Tariff Rates for the G-20 Countries and Selected Threshold

Countries

10-58

Average Tariff Rate (%)0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

MoroccoVietnamPakistan

IndiaMalawiMexico

BrazilRepublic of Korea

ArgentinaRussian Federation

TurkeyChina

NorwaySouth Africa

IndonesiaChile

CanadaEuropean Communities

JapanSaudi Arabia

United Arab EmiratesAustralia

United StatesSingapore

Coun

try/

Terr

itory

10-59

Business

GLOBAL SOURCING