nearshoring
NEER-shor-ing
Definition
The business practice of transferring manufacturing or service operations to a nearby country to reduce costs, logistics lead times, and supply chain complexity compared to offshoring to distant regions.
Etymology
A portmanteau of 'near' and 'offshoring', the term emerged in the early 21st century to describe a strategic shift in supply chain management where companies move operations geographically closer to their primary target markets.
In the news
The article discusses nearshoring trends in Mexico and Brazil, noting how these countries are increasingly used by global medical device OEMs to localize compounding and molding capabilities to serve the Latin American market more efficiently.
Latin America and the Caribbean Wearable Health Silicone Elastomers - Market Analysis, Forecast, Size, Trends and Insights
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