The Pandemic has Revealed the Cracks in US Manufacturing: Here’s how to fix Them; Why Reshoring U.S. Manufacturing Could Be The Wave Of The Future; Brexit: EU Remains Largest Market for UK Manufacturers; Australia Must Capitalise on Natural Advantages if Manufacturing is to Remain Viable.
The Pandemic has Revealed the Cracks in US Manufacturing: Here’s How to Fix Them
The COVID-19 pandemic has revealed glaring deficiencies in the U.S. manufacturing sector’s ability to provide necessary products – especially amidst a crisis. It’s been five months since the nation declared a national emergency, yet shortages of test kit components, pharmaceuticals, personal protective equipment and other critical medical supplies persist.
Globalization is at the heart of the problem. With heavy reliance on global supply chains and foreign producers, the pandemic has interrupted shipping of parts and materials to nearly 75% of U.S. companies.
Source: The Conversation
Why Reshoring U.S. Manufacturing Could Be The Wave Of The Future
Covid-19 has undoubtedly had the most acute impact on global manufacturing and supply chains in modern history. In the ensuing months and years, amid ongoing shortages of raw materials and lifesaving pharmaceuticals, the U.S. will likely undergo significant shifts, not just in its policy, but in its fundamental business philosophy.
Because the pandemic has been so monumentally disruptive, many countries, including the U.S., will need to recalibrate the delicate balance between onshoring and offshoring to maintain the autonomy needed to survive future crises while supporting a consumer-driven economy and sustainable resources.
Brexit: EU Remains Largest Market for UK Manufacturers
The EU remains the largest market for UK manufacturers despite a 19% year-on-year jump in goods exported to the US.
The UK Manufacturing Facts report released on Thursday reveals that the top six European markets account for a third of all British goods exports.
The UK manufacturing export industry currently stands at £367bn ($477) with the US being the single largest importer of UK products. But seven of the top ten UK export markets are based in Europe including Germany, France and Ireland ranked in second to fourth place respectively.
Source: Yahoo! finance
Australia Must Capitalise on Natural Advantages if Manufacturing is to Remain Viable
Technology Editor at the Australian David Swan says the viability of Australian manufacturing hangs in the balance as sector leaders call on the government for certainty and a workable framework in the wake of COVID-19.
“Australia’s high cost labour base and small domestic market must be offset by the nation’s natural advantages such as a strong university system and the development of knowledge into niche areas like deep tech, if manufacturing is to remain a globally competitive industry,” Mr Swan told Sky News.