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In response to ongoing supply chain challenges and shifting trade relations, companies are reshaping their operations. They’re adopting nearshoring, automation, supplier diversification, and sustainability practices, the Wall Street Journal reports.
Despite all this talk about returning to normal, experts say it will be anything but as a new era of global trade emerges.
Kearney’s 2022 Reshoring Index showed that domestic manufacturing growth has outpaced imports from Asian low-cost countries for the first time since 2019. This was done at a time when Asian low-cost imports increased by 11% from last year and topped $1 trillion for the first time in history.
As companies shift toward regionalization and nearshoring, expect shorter shipping distances and increased demand for local and regional trucking services. Trucking companies may recalibrate their networks, focusing on efficient regional transportation solutions.
A diversified supply chain could also lead to more fragmented shipping routes, further pushing trucking companies to reorganize.
We’ll keep a close eye on how this new era of trade impacts companies.
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