U.S. Manufacturers Becoming More Competitive
Boston, MA, April 25, 2014 -- Increasing wages and energy costs abroad, and lower domestic energy costs have helped U.S. manufacturers become more competitive over the ten years compared to countries like China, according to a Boston Consulting Group study.
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According to a study looking at the top 25 exporting countries, just seven had lower manufacturing costs than the U.S. did this year.
The difference in manufacturing costs with China in 2004 was 14%, but this year it's fallen to 5%, according to the study.
Electricity costs in China have risen at more than twice the rate than they have in the U.S.
Manufacturing was cheaper in Indonesia, India, Mexico, Thailand, China, Taiwan and Russia.