Accenture survey highlights factors that can influence nearshoring decisions

International trade saw more changes in 2023 than ever before as organizations worked to meet stricter regulations and mitigate disruptions created by increasing geopolitical tensions. Shippers also saw an increased focus on building supply chain resiliency to combat these challenges. In doing so, reshoring and nearshoring efforts in Southeast Asia, India, Mexico, and Canada gained traction—a trend that will continue into 2024 as North American manufacturers and retailers continue moving operations closer to home.

According to a survey by Accenture, within the next three years, 78% of companies plan to produce products at multiple sites, compared to 41% in 2023. Another 72% plan to use multi-sourcing strategies, compared to 42% doing so today.

The survey also found that while automotive companies and suppliers lead most nearshoring activity, healthcare and energy companies are following suit. In Canada, energy products, for example, saw the largest increase in exports in 2022. In 2023, that trend was compounded by continued investments from electric vehicle (EV) battery manufacturers looking to build operations as EV demand increases.

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