Advantages And Disadvantages Associated With Importing Merchandise From China: Important Considerations
Each time we see the label "Made in China" we are reminded that China is a place where various items are manufactured for a fraction of the US cost and sold to more than a billion potential buyers. Corporate giants such as Wal-Mart are investing heavily in China. Thousands of small to medium sized businesses are getting in on the action as well. In fact, it can be said 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 during the past decade, and its Gross Domestic Product (GDP) increased from $ 300B in 1985 to $ 1,600B in 2004, higher than the state of California. In the meantime, its foreign trade volume has increased twelve-fold! Foreign direct investment has reached $ 550B for the same period. China's blistering modernization from 1990-2010 made importing goods from China very interesting to retailers around the world.
The country's first production census discovered that from 2004 to 2007, the GDP growth rate was of 10% annually. In 2007, the officially recorded GDP growth rate was 11.4 %. In 2008, the global economic crisis began to slow down China's growth rate. In the face of these forecasts, the government made the decision to pour Rmb (China currency) 4 trillion into the economy in the form of an economic stimulus program consisting largely of investments in fixed infrastructure and human capital.
Although in early 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 has a very small chance as this is not in the best interest of both countries. Mainland China is the largest creditor of the US, while the US is the Mainland's second largest export market following the European Union. A trade war between two of the world's biggest economies will additionally be bad to the global recovery just underway. China import export is here to stay, for now.
Northern Asia in general (Japan, South Korea, Taiwan, Vietnam, and Mainland China) is an excellent place for manufacturing products (Vietnam is like China fifteen years in the past).
The clear advantage of Mainland China today comes from the low production, labor and better quality control measures, making it by far the most attractive place of the region.
More importantly, bear in mind that Chinese suppliers will deliver you with what you request, even if it is not within their production standards. They have a great ability to produce a very unique design by combining some existing ideas you might have submitted to them. While Westerners do not necessarily like (or are even able to) adapting their production standards to special customer requirements, a Chinese company would consider this a standard characteristic of their service.
Standardization like ISO or 6-Sigma is not so popular in China, but is implemented by the higher end vendors. However, regardless of your order quantity, quality control with China is a MUST. You need to receive what you order and in the exact way you ordered it. From simple to sophisticated products you need to oversee quality control with Chinese producers. Implement multiple QC check points during different phases of manufacturing. An importer's worst nightmare is receiving a full container load of merchandise that is defective resulting from a wrong screw size, for example. If you still try to sell them, or sell merchandise that you don't know was defective and later falls apart, this brings massive merchandise returns, angry customers, and an accounting/billing department nightmare. As the CEO of your own company, you are responsible for ensuring that your products adequately meet desired specifications.
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