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Advantages And Disadvantages About Importing Products From China: Important Recommendations
Each time we see the tag "Made in China" we are reminded that China is a place where various items are manufactured for a fraction of the US cost and distributed to more than a billion potential consumers. Corporate giants like Wal-Mart are investing intensely in China. Thousands of small to medium sized businesses are getting in on the action as well. In fact, we can say that 2000 was the decade that got thousands of entrepreneurs to seek how to import goods from China.
China has enjoyed an average 9.5% yearly growth throughout the past decade, and its Gross Domestic Product (GDP) skyrocketed from $ 300B in 1985 to $ 1,600B in 2004, larger than the state of California. Meanwhile, its foreign trade volume has increased twelve-fold! Foreign direct investment has hit $ 550B for the same period. China's blistering modernization from 1990-2010 made importing goods from China really interesting to retailers across the globe.
The country's first production census found that from 2004 to 2007, the GDP growth rate was of 10% each year. In 2007, the officially recorded GDP growth rate was 11.4 %. In 2008, the global economic crisis started to slow down China's growth rate. To settle the crisis, the government made the decision to pump Rmb (China currency) 4 trillion into the economy as an economic stimulus plan consisting largely of investments in fixed infrastructure and human capital.
Although at the beginning of September 2009 mainland China was engaged in new trade problem with the US over the imposition of an emergency duty on Chinese tires, a full-blown trade war is unlikely as this is not in the best interest of each of those countries. Mainland China is the number one creditor of the US, while the US is the Mainland's second largest export destination following the European Union. A trade war between two of the world's leading economies will additionally be detrimental to the global recovery just underway. China import export is here to stay, for the moment.
Northern Asia commonly (Japan, South Korea, Taiwan, Vietnam, and Mainland China) is an excellent place for manufacturing products (Vietnam is the same as China fifteen years in the past).
The clear benefit of Mainland China today comes from its low production, workforce and advanced quality control measures, making it by far the most attractive part of the region.
More importantly, remember that Chinese companies will deliver you with what you ask, even when it is not comply with their production standards. They have an outstanding competence to produce a very unique design by mixing some existing designs you might have submitted to them. While Westerners do not normally like (or are even capable to) adapting their production standards to special customer requirements, a Chinese company would look at this a standard characteristic of their service.
Standardization such as ISO or 6-Sigma is not so common in China, but is followed by the higher end producers. However, regardless of your order quantity, quality control with China is a MUST. You need to get what you order and in the exact way you ordered it. From simple to sophisticated products you should oversee quality control with Chinese manufacturers. Use multiple QC check points during different stages of manufacturing. An importer's worst nightmare is receiving a full container load of products that is defective resulting from a wrong screw size, for example. If you still try to sell them, or sell products that you don't know was defective and later falls apart, this equals substantial product returns, angry customers, and an accounting/billing department nightmare. As the CEO of your own company, you are responsible for making sure that your products adequately meet desired specifications.
Importing Goods From China - Suggestions For Would-Be Importers
Perhaps you've wandered into a luggage store in a local shopping mall and wondered where these people get their stuff. Or, you shop on-line for a portable air conditioner and see many sites with impressive product lines, and you think "how do they acquire these products, and how much money are these people making?"
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