GENERAL KNOWLEDGE

Detailed explanation-1: -Offshore manufacturing refers to relocating the production or assembly of goods to another country. Companies usually do this because labor costs in the other country are low. Offshore manufacturing may also occur because raw materials in the other country are cheap.

Detailed explanation-2: -Offshoring is the relocation of a business process from one country to another-typically an operational process, such as manufacturing, or supporting processes, such as accounting.

Detailed explanation-3: -Offshoring manufacturing is when businesses relocate their manufacturing or production operations to another country. It allows businesses to capitalize on benefits like reduced costs and skilled workers. And unlike outsourcing, it enables greater control over each manufacturing activity.

Detailed explanation-4: -1. Production Offshoring. Also known as Business Process Outsourcing (BPO), this involves the actual relocation of the physical manufacturing process overseas, usually at a much lower cost in terms of labour and materials.

Detailed explanation-5: -Reshoring, also known as onshoring, is the opposite offshoring and involves the returning of the production and manufacturing of goods to the company’s original country. Reshoring can help strengthen an economy by creating manufacturing jobs, reducing unemployment.