The Buyer MFGWatch survey conducted by (www. MFG.com) revealed that as the U.S. dollar continues to decline in value U.S. and international buyers are increasing their sourcing in the U.S.
More than 500 respondents completed the Sourcing Survey targeting Buyer members of MFG.com, a global online marketplace for manufacturers. The participants were purchasing professionals (42 percent), engineers (33 percent), and operations managers/others (25 percent) who use MFG.com to source for manufacturing services and standard parts. More than $15 billion worth of manufactured goods have been sourced through MFG.com, with millions more sourced everyday by more than 160,000 global members.
Survey highlights include:
- 40 percent of the participants stated the current value of the U.S. dollar had an effect on where they choose to source their business.
- 47 percent of the Buyers stated they were sourcing more business in the U.S. as a direct result of the declining value of the U.S. Dollar.
- 41 percent of the Buyers responded that they source for made to order parts in the U.S.
- 72 percent of Buyers surveyed plan to source for manufactured parts and services online through MFG.com in the coming year.
Additional survey findings include:
- 55 percent of survey respondents source solely to U.S. suppliers.
- 92 percent of survey participants conduct a portion of their sourcing in the U.S.
Other MFG.com marketplace research revealed a modest growth in request for quotes (RFQs) awarded to U.S. manufacturers from international buyers. The number of RFQs awarded on MFG.com from January - May 2008 from international buyers to U.S. Suppliers nearly doubled when compared with the same timeframe for 2007.
The sourcing survey also uncovered the following:
- 38 percent of international buyers surveyed are currently sourcing to U.S. suppliers.
- 53 percent of Canadian buyers surveyed revealed that they too are sourcing to U.S. suppliers.