As we’ve noted before many times, while the talk remains elevated about reshoring and nearshoring, it just doesn’t show up in the numbers.

Latest case in point: a new article from McKinsey on nearshoring in the apparel sector, which included the chart below:

Source: McKinsey

As can be seen, while Chinese exports to the US fell 9% from 2019 to 2023, exports from nearshore countries such as Mexico and those in Latin America were flat, while Asian countries were up 5%.

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