Reshoring – the practice of bringing manufacturing back from the Far East to Europe – is gathering momentum.
Consultants PwC, in a recent report, noted that the trend could create between 100,000 and 200,000 extra jobs in the UK over the next decade, boosting national output by up to £12 billion.
Reshoring is the reverse of earlier moves to move production and assembly to cheaper global locations, generally in the Asian continent. And it is being driven by changing consumer preferences, a reduction in the wage gap with emerging economies, worries over yo-yoing shipping and foreign exchange rates, and the fact that shipping goods from an overseas factory can take weeks.
Knight Group companies are already seeing an increase in inquiries from those previously seduced by the initially cheap alternative of overseas manufacturing, only to discover the move creates headaches. Manufacture and hold your stock in Wales instead, for instant dispatch – we’re fast, efficient, and surprisingly cost-effective!