No matter what you call it, it makes a great deal of sense. As a noted editor so aptly put it, “Reshoring is an efficient way to increase your company’s profits, reduce imports and regain control and manufacturing jobs here in the US.”
Essentially, it means bringing manufacturing back to the US.
The Reshoring Institute (See Rosemary Coates’ feature article) notes that “more than 80% of manufacturers are considering reshoring some or all of their production.”
Nearshoring, on the other hand, is the buddying up with suppliers and manufacturers in countries closer by to help lower shipping costs, ensure faster deliveries and easier communications to name a few.
During the pandemic, offshoring became more problematic, with many Chinese factories shutting down, increased costs and port bottlenecks.
So, how are US end users and manufacturers reacting to reshoring and nearshoring since we first wrote about reshoring in a 2006 edition of IBNewsmag?
According to a recent survey conducted by the Reshoring Institute, “Americans say they prefer products Made in the USA and are willing to pay 20% more for them.” The survey continues to report that American users believe that products made here are of better quality than those made in many other countries.
Frederick Baehner, Publisher