Cheaper labor, sure. But the real reason is that there are less burdensome rules, regulations and laws overseas and in other countries. I would probably agree with you except that the consumers of all the products that are made overseas will bitch and moan about high prices and environmental concerns if those factories are brought home to this country.
Yes, most would complain. But they complain, anyway. Unfortunately, I've found over my years that our countrymates want everything...high quality, long lasting products, at a cheap price. You can't have all of that. And most of the regulations are due to companies unwillingness to follow simple safety procedures and to treat workers and consumers with the respect they deserve. If they had their way, most companies would still have very long work hours, no overtime pay, no vacation pay, no sick leave, and they'd still have children working in their factories. Unionization put a stop to that. But in recent decades, unions have been beaten down, badmouthed, and people just believe all the lies. Some unions have gone a little too far with their demands, but mostly, the rich just don't want to give the workers anything unless they are forced to.
When I was young, products from Japan were considered junk. Same for other imports. But, there came a time, maybe in the early '80s, when made in U.S.A. became junk. The best audio/video equipment was Japanese (Sony, Mitsubishi, etc.). The best 35mm and larger format cameras were Japanese, or Swiss (Canon, Hasselblad, etc.). The best cars were Japanese. Now some of the best audio, and especially video, equipment may be from Korea or other Asian countries (like ASUS).
American workers wanted more and more time off, shorter work days, more benefits, more paid holidays, longer paid vacations. But many became lazy and didn't want to put in an honest days' work. We still aren't at the place of
The Jetsons, as far as the work week goes, but almost, as far as the work load. Press a few buttons. Take lunch, press some more buttons, go home.
Dana