Deep reasons that will force nearshoring: PortMiami

“We are of the opinion that nearshoring is already occurring and that it is accelerating,” said Andrew C. Hecker Managing Port Director and CFO of PortMiami. “It is driven by a number of market forces that will not go away anytime soon.” The pandemic showed that breaks in long supply chains have a much larger effect than on short chains, Hecker contended. As a response to this, he now sees many firms in textiles, apparel, footwear, furniture and appliances, moving to Latin America to shorten their supply chains. Toy-makers Mattel and MGA Entertainment, and apparel firms Nike and Gildan, already moved to Latin America, he exemplified. High oil prices might be a short-lived phenomenon that could be scaled back with increased U.S. […]