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Meaning of offshoring
The practice of contracting with a third-party supplier, often in another country, to perform specific tasks or functions.
Etymology of offshoring
The term "offshoring" originated in the 1970s and 1980s, when companies began to move their manufacturing operations to other countries, often to take advantage of lower labor costs.
The word is derived from the phrase "offshore," which refers to something that is located or takes place outside of one's own country or territory.
Synonyms
outsourcing
subcontracting
delegation
externalization
globalization
internationalization
relocation
migration
exportation
importation
insourcing
nearshoring
homeshoring
reshoring
offloading
downsizing
rightsizing
privatization
decentralization
delocalization
deinternationalization
recolonization
recouping
recuperation
reexporting
reimporting
reoffshoring
repatriation
transnationalization
multinationalization
expatriation
immigration
emigration
disinvestment
divestment
foreignization
Definitions
- The practice of moving a business operation or a part of it to another country, typically to take advantage of lower labor costs or other benefits.
- * The act of contracting with a company or individual in another country to perform a specific task or function, often to reduce costs or improve efficiency.
Usage Examples
- The company decided to engage in offshoring to reduce its labor costs and improve its competitiveness in the global market.
- * Offshoring has become a common practice in the technology industry, with many companies contracting with suppliers in countries such as India and China.
Antonyms
onshoring
insourcing
homeshoring
nearshoring
reshoring
repatriation
reimporting
reinvestment
reconcentration
recentralization
reinternalization
domestication
localization
nationalization
protectionism
isolationism
autarky
self-sufficiency
decentralization
delocalization