2023 in Review: Is Nearshoring Becoming China’s Plus One?

Between global economic downturn and geopolitical tensions, 2023 placed significant pressure on brands and retailers to optimise their costs and secure their supply chains. For many, this meant refocusing their attention on China, increasing nearshoring efforts, or pursuing both strategies simultaneously. Meanwhile, ongoing challenges with supply chain visibility indicate that businesses are far from prepared for the impending wave of ESG legislation set to take effect in the coming months. This barometer report, informed by QIMA’s internal data and the findings of our survey of 800+ businesses with international supply chains, offers a retrospective of 2023 in sourcing and expectations for the coming year.