Regional supply chains are now eclipsing global supply chains in importance as local needs rise vis-a-vis distant demand, said transport executives at a recent Singapore conference.

Speaking at the UK's Transport Intelligence's Emerging Markets Logistics conference, speakers spoke of the diminishing power of globalisation being supplanted by regional supply chains.

One cause was near-shoring manufacturing, increasing protectionism and the ability to reduce energy costs, along with supply chain risk and inventory reduction are all factors in the move towards more regionalisation, delegates heard.

Agility Logistics' Asia-Pacific chief Chris Price said the Asia Pacific market was opening up and maturing simultaneously, reported Lloyd's Loading List.

While this would mean that east-west trades would continue to grow, regional trades would grow faster. "Agility's big focus is on intra-Asia. It's a huge and dynamic market," said Mr Price.

CEVA Logistics vice president Elaine Low said supply chain providers now needed to think and plan locally, while also maintaining a global footprint. "It's not global or local, it has to be both," she said.

Said Supply Chain Solutions vice president Fred Hartung: "For North America, we see Mexico beating China in most cases. For some goods there might be value in being US-produced from a PR standpoint because you can say you're moving jobs back, which has a benefit for high-margin products where the cost of manufacturing is not the key factor."

World Bank social policy analyst Gwyneth Fries said a "maturing" trading environment characterised by expanding regional and south-south trade flows would mean more diverse and complex supply chains.

Transport Intelligence CEO John Manners-Bell predicted the death of globalisation. He said a large chunk of upstream manufacturing had already been regionalised.

"We're moving from highly globalised industry sectors such as fashion and consumer goods to a more regional concentration, which will eventually become, in 15-20 years, a focus on localised supply chains."