Related Keywords: almost tripled, Boston Consulting Group, higher than US, in China, International Textile Manufacturers Federation, Manufacturing wages, Pacific trade agreement, productivity, weakening competitiveness in manufacturing, yarn production cost
In China, manufacturing wages adjusted for productivity have almost tripled over the last decade, to an estimated $12.47 an hour last year from $4.35 an hour in 2004. China’s surging labor and energy costs are weakening its competitiveness in manufacturing, according to the Boston Consulting Group.
Boston Consulting has estimated that for every $1 required to manufacture in the United States, it costs 96 cents to manufacture in China. Yarn production costs in China are now 30 percent higher than in the United States, according to the International Textile Manufacturers Federation.
