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Tuesday, December 14, 2021
“Going Local” and other Trends in Global Supply Chains
An analysis
by Ilaria Maselli, Senior Economist and Klaas de Vries, Economist
Click on the chart to enlarge
The global supply chain
disruption associated with the COVID-19 pandemic has resulted in
production delays, shortages, and a spike in inflation in many parts of
the world. Many global companies are adjusting their global production
networks to meet their customers’ demand. Furthermore, a longer run
trend of moving production and sourcing closer to customers is
continuing, and in some cases accelerating, due to government policies
and regulations.
This trend is not entirely new. From 2011 onward, manufacturing sectors
in many mature economies increasingly localized sourcing. Foreign
content in local manufacturing production declined globally, while in
Europe it stagnated. “Going local” is reversing a decades-long trend of
global supply chain fragmentation across borders. Fragmentation of
supply chains across national borders means that inputs and outputs in
production become distributed across a global network of locations.
Localization of production reverses that process. Looking ahead, policy
and initiatives in the US and Europe point to further localization in
the future. Global production networks will not disappear, but the era
of simply offshoring to cut costs may be waning.
The
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