https://www.statista.com/chart/27999/mentions-of-onshoring-reshoring-by-us-companies/
The Covid-19 pandemic, the Russian war on Ukraine, and the growing tensions between China and the United States have exposed the vulnerabilities of global supply chains.
USA Businesses: Come Back Home – The New Trend
More and more companies are trying to shorten supply chains and to bring production back home or at least closer, wherever possible.
While buzzwords such as “onshoring”, “reshoring” or “nearshoring” started to pop up many experts thought the excitement for bringing production back home would be short-lived, much like the pandemic itself.
However, the coronavirus proved to be a lot harder to contain than many had hoped. And, with geopolitical tensions mounting and global supply chain disruptions persisting, the onshoring trend is very much alive.
According to Bloomberg transcripts of U.S. companies’ earnings calls and presentations, onshoring buzzwords are being thrown around more often than ever this year, exceeding the level seen in the early days of the pandemic.
According to a UBS survey of C-suite executives, 90 percent of respondents said their company was either in the process or considering moving production out of China.
Also, around 80 percent said they were considering bringing some production back to the United States.
While higher shipping costs associated with excess demand and surging fuel costs could work in favor of a mass return to domestic production, the strong dollar is pulling in the opposite direction, as it makes labor and other production factors relatively more expensive in the United States.
More Details – https://www.statista.com
