The Future of Outsourcing and Offshoring

An acceleration of reshoring occurred as a result of the Coronavirus pandemic, and this may become a lasting trend. That is, after seeing significant breakdowns in their supply chains and vendor capabilities in foreign nations, many firms developed an increased interest in manufacturing domestically, or at least closer to home. For example, some American firms developed a new interest in moving at least some manufacturing back to the U.S. or to nearby Mexico. This trend can be found in North America, the EU/UK, Japan and Australia, as many companies in those regions suffered supply chain breakdowns that will lead them to moving many activities closer to home.

This reshoring effect will be particularly strong in goods and technologies that are considered to be critical in nature, ranging from items that are vital to providing health care during future pandemics (such as masks and other protective gear), to chemicals vital to the pharmaceuticals industry, to highly specialized electronics and components such as semiconductors, to goods that are critical to national defense.

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