We may be lowest cost in many things, but it is and will be a diminishing number of things every year until we change out regulation policies.
Contrary to the wishful thinking fantasies of many in the Americas and Europe, Asia has been agressively roboticizing for a decade and a half.
The company I worked for throughout the 90s sent a fully automated fishing reel production line to China in 2000. The days of thousands of little guys with hand tools are over even in many places that were once part of the third world.
I’d imagine the product quality control and packaging costs forced the shift to China, but your company does that to itself with ISO 9000, right?