Lifestyle
Top 10 Countries with Cheapest Manufacturing Costs Globally
Manufacturing costs are the total expenses incurred by a company to produce a good. They are an essential part of determining the selling price of a product and the profitability of a manufacturing business.
This varies from one country to another, especially due to the cost of labour. Many big companies prefer siting their production site in companies where they can significantly lower their cost of production.
Below are the top 10 countries with the cheapest manufacturing costs according to a U.S. News & World Report, 2023:
1. India
Manufacturing costs in India are generally considered low compared to many other countries, particularly developed nations.
This has made India a popular destination for companies looking to outsource manufacturing or establish production facilities.
2. China
China traditionally boasted significantly lower labour costs compared to many Western countries.
While wages have been rising in recent years, they remain relatively inexpensive compared to the US or Europe.
3. Vietnam
4. Thailand
5. Indonesia
6. Bangladesh
7. Philippines
8. Cambodia
9. Malaysia
10. Sri Lanka
Disclaimer
The information in this article was curated from online sources. NewsWireNGR or its editorial team cannot independently verify all details.
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