Global shipping and supply chain bottlenecks are encouraging Canadian firms to bring production back home, but some companies would have to absorb higher costs and build expertise in certain sectors for local manufacturing to pick up pace.
In Canada, supply chain woes, recent rail and weather disruptions, along with pressure to source ethically and locally to lower emissions, are leading companies to buy closer to home or produce in-house, executives say.Even before storms and Canada's recent floods stranded two of its containers at the Port of Vancouver, Toronto-based Progress Luv2Pak was looking for more Canadian and U.S. suppliers due to soaring shipping costs and delays.
Canadian manufacturing activity rose to a seven-month high in October, according to IHS Markit. Although it is too early to tell whether reshoring contributed to this rise, economists say companies are taking concrete steps toward buying local, unlike during earlier crises. That's driving cautious optimism that reshoring could bolster Canada's manufacturing sector, which according to Statistics Canada data, has been in steady decline since the late 1990s.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rakesh Tikait: Man who made Modi bendWho is Rakesh Tikait, the farmer leader who will shape the trajectory of India’s farmers’ protests? Opinion | RubenBanerjee
Read more »
'She Made It': Shop and support women-owned businesses with Jill MartinAnd you might just find a gift or two for your loved ones.
Read more »
Hannah Brown Shares the Changes She's Made Since Singing the N-WordHannah Brown made some major life changes over the last year, she shares what she learned and how she changed after singing the N-word on Instagram Live.
Read more »
Will Smith says he made himself sick with too much sex when he became famousIn his new memoir, Will Smith says he was physically sick after too much sex as he made a failed attempt to get over the heartbreaking of the collapse of his first ever relationship
Read more »
23 Movie Moments That Were So Sad, They Made People Audibly Weep In The Theaters“Take her to the moon for me.”
Read more »
The Crispiest Brussels Sprouts Are Made in an Air FryerThe crispiest brussels sprouts are made in an air fryer.
Read more »