A new crop of smartphones at the latest Mobile World Congress (MWC) aims to arrest a downturn in global demand. We dive into reshoring as a way to cut costs and look at the rise of India as a production and export center. Retailers are starting to cut excess inventories built up as a result of early shipping in 2022, while price discounts are still being used to trim stock levels further. Demand for consumer electronics, particularly PCs, is expected to remain weak by manufacturers, which are also trying to work through elevated inventories in their supply chains.