The long-standing industrial practice of outsourcing manufacturing operations to low-cost parts of the world to keep manufacturing costs down has recently taken a turn.
A report from Boston Consulting Group has shown that ‘the share of executives saying that their companies are actively reshoring production increased by 9% since 2014 and by about 250% since 2012. This suggests that companies that were considering reshoring in the past three years are now taking action.’
With rapidly rising labour costs in traditional low-cost countries such as China, manufacturers are now experiencing that the financial advantages of manufacturing overseas are being seriously eroded.
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