Global reshoring and nearshoring efforts have become so commercially successful that companies are reportedly “scrambling” to find facilities in the United States and Mexico rather than waiting. This information was first published in Kearney’s 10th Annual Reshoring Index Report, published April 13.
Kearney’s survey found that 96% of responding CEOs are considering rearrangement have ceased operations or have decided to relocate, or have already relocated, a significant increase from 78% in 2022.
In 2022, US imports of manufactured goods from the 14 covered Asian LCCs and regions together accounted for 14.1% of US gross domestic manufacturing output, up from 14.49% in 2021, said Patrick Van den Bossche, Global Advanced Analytics Practice Lead by Kearney. Van den Bossche said the data was “the first time since 2019 that growth in domestic production has outpaced growth in Asian LCC imports.”
Omar Troncoso, a partner in Kearney’s consumer and retail practice, said the report shows we’re “finally heading towards a sustainable reshoring movement.” He added that reshoring, which involves moving manufacturing and suppliers to the US, allows companies to rethink “how they build and operate a supply chain that will carry them into the next decade.”
