The document analyzes shifts in global manufacturing cost competitiveness among the top 25 export economies. It finds that while currency fluctuations and energy costs have caused some short-term changes, the underlying long-term trends remain unchanged. Specifically, traditionally lower-cost regions like China continue to see rising wages but are offsetting this through productivity gains, while countries like the US benefit from low energy costs. The analysis concludes that manufacturers should consider hedging strategies against volatility but stay focused on their long-term strategies.