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Why do companies manufacture their products overseas?
The global supply chain has seen advancements in technology, communication, and logistics, leading more companies manufacture overseas for several reasons:
Cost advantage: Skilled labor is cheaper overseas, offering lower production costs while maintaining quality.
Tooling savings: Production tooling expenses, such as molds and fixtures, are significantly lower compared to the U.S.
Mass production: Overseas manufacturing is well-suited for high-volume production runs due to lower costs and efficient logistics.
Scalability: International manufacturers can quickly scale production capacity and adapt to customer demand.
Supply chain diversification: The pandemic highlighted the need to diversify suppliers, reducing risks and ensuring competitive pricing by leveraging multiple overseas sources.