What is the difference between nearshoring and offshoring?

Answer

There is not a vast difference between nearshoring and offshoring. Nearshoring is derived from offshoring only, it means shifting or transferring the business in a neighboring country or a nearby region i.e. sometimes across the borders too, so that it can benefit both the parties in different aspects. Nearshoring means that the business has shifted work to a lower cost organization, but within its own region whereas offshoring involves shifting of business to a foreign or distant organization in order to reduce production costs.