The recent uptick in international reshoring demonstrates the universality of reshoring logic: it makes sense to produce near the consumer. Other countries are finding different avenues of focus in their reshoring efforts, which we can learn from. See some examples below.
One major trajectory of the trend is the expansion of international reshoring efforts. We recently compared notes with Janice Munday, Director, Advanced Manufacturing and Services (BIS) and Co-Chair of ReshoreUK, and Richard Colley, Reshoring and Business Investment, Department for Business, Innovation & Skills (BIS). BIS reports to the Secretary of State of the U.K. The U.K. faces many of the same reshoring issues that we do in the U.S., but appears to be taking a more proactive approach to bringing work back. A joint government, industry team, the Automotive Council has identified £3 billion/year of potential reshoring in the U.K., significantly due to supply chain gaps. A concerted effort is underway to address this opportunity. In the U.S. the government‘s reshoring efforts are primarily being implemented at the state level, missing the benefits of a national effort.
Relevant speeches on the subject include:
We do not know of any U.S. government officials with a similar aggressive focus on reshoring. We urge the U.S. to match the U.K.’s commitment to economic growth via reshoring.
Taiwanese manufacturers and others reshoring from China: