Importing in China: What You Should Know?
Importing in China: What You Should Know?
When people mention of China, consumer products easily come to mind. Indeed, China is booming, especially when it comes to manufacturing a greater number of the world's consumer technology products.
But this isn't just good news for China, but to sellers all over the world. As China's economy grows, manufacturing costs are lower here in contrast to other parts of the world. As a seller, you can have your products sourced directly from China. In turn, you'll be obtaining low prices per unit. When you're in your own country, you can sell it at the price you prefer and come up with a better profit out from it. China produces a gargantuan of goods. Aside from this, China is also home to the best suppliers. Among these are Chinavasion and DHGate. Established in 2005, Chinavasion.com was China's first ever Internet wholesaler. With over 360,000 registered buyers, Chinavasion.com has become the biggest wholesale provider of technology and electronic products in China. On the other hand, DHgate.com has been serving Chinese sellers and global buyers since 2004. DHgate also boasts of being PayPal's largest client in the Asia-Pacific region.
Here are a few things you need to consider when you start dealing in China:
Generally, credit card payments and PayPal are not accepted in China. Since it's hard to acquire a credit card in China, you have to resort to other payment methods like Western Union and wire transfer. Methods like these may not be distinguished, so the best thing you should do is to make a small order first with a new supplier. If anything goes wrong, you won't be suffering a big loss.
For sure, you've heard about a lot of stories regarding those poor quality products in China. But don't listen to those stories. Just spend ample time with your supplier, talk to them and find out about their reputation. Ask also for a sample. Make small orders first.
To contact a supplier, you can make a call or chat through instant messaging.
To avoid fake products, don't get deceived with China products dubbed as authentic designer brands'. Mind you, these are all fakes.
How to Import Safely from China to the United States?
China has now become the United States' third largest trade partner. As China opens its doors to international trade, importing from China has now become a usual thing. To take advantage of the opportunities that China gives, here are a few tips:
Whatever product you are importing, always check the import rules and regulations for such products.
Find out some information about the wholesaler supplier by searching for its business name at http://www.yp.net.cn or the China Vista Yellow Pages. If your wholesaler might be located in Wehai, you can look for it in the Chinese Companies List at http://www.business-in-asia.com/chinese_companies_list.html.
Trade shows are a good way of determining the legitimacy of your suppliers. Since suppliers need to invest financially in trade shows, fraudulent suppliers will not likely join them. However, not all suppliers who don't join trade shows are fraudulent.
Every important and single detail should be well documented. This way, breakdowns and all other agreements can be traced.
To make sure that you are on the right track of large-scale importing, take a few trips to Chins and take the time to check for suppliers/ manufacturers/agents whom you feel comfortable working with.
Since you are dealing with another country, you will really be dealing with people of diverse attitudes, customs and beliefs. So, don't be infuriated whenever local suppliers act differently.
Thus, it's a good idea to read about Chinese culture and study about Chinese words. By doing so, you are respecting their culture. It's also a way of showing how interested you are in establishing a well reciprocated business relationship.
Things to Consider When Shipping from China to UK and Europe
Importers without ample experiences will get scared with the costs and logistics of shipping from China to UK. Plus, different shipping rates also add up these expenses. In turn, it's hard for importers to differentiate realistic costs from the unrealistic.
That is why, importers should always inquire. Before you select a wholesaler, you should also look around for shipping rates. While arranging the shipping of your products, look into the following considerations as well:
Inland freight charge when obtaining products from the wholesale warehouse to the port
Duty payables on the product
Rules and regulations for bringing products to UK
Get the tariff number from the shipping agent
Obtain the shipping agent's quotations on the shipping cost and clearance document costs
Manner of picking up the stocks upon its arrival and its costs as well
Other than UK importers, it's also best for NZ and Australian importers to negotiate with their wholesalers on the shipping costs. If wholesalers are reluctant, inform them that you are actually looking for the best deals.
When you, your wholesaler and shipper have already been doing business lucratively for quite some time, then try asking for lower rates. Frequent customers will likely be offered with lower rates. However, you need to ask because lower rates aren't offered if you don't ask at all.
You must also remember that products imported into the UK from outside of EU are issued with a 17.5% VAT. This rule is applicable to everyone and not only limited to VAT registered companies. You must obtain a PSEUDO TURN number if ever you aren't VAT registered. This is highly important as your goods won't obtain any clearance without such.
If you are unaware about this, you can look for useful information on HM Revenue and Customs at http://www.hmrc.gov.uk. You can find the topics' Introduction to Import and Export' and Guide to Importing and Exporting: Breaking down the Barriers' there. Download its PDF's so you can have a grasp of what these topics are all about.
Costs of Importation from China to NZ and Australia
Importation costs from China to NZ and Australia is really high. But it doesn't necessarily mean that shipping costs are fixed.
NZ and Australia don't bargain. To them, the price is what you really get. But it is not the same with China. You can still bargain on the shipping costs and the even the costs of the goods themselves. Outcomes of the negotiations depend on the person himself. But this shouldn't worry you too much because there are Chinese wholesalers who are open to some bartering.
Insurance costs are also be bargained, so don't forget about these. The good news is some importers can give into 25% reduction on their insurance which is already a big saving!
If you would like free access to a video training series on
importing from china then check out
http://www.ChinaImportFormula.com.au
Brendan Elias and Alex Ryan have been teaching business owners
how to start their own importing business from scratch, and
import goods without the headache or hassle.
Brendan has been featured in the Sydney Morning Herald, Live
National TV on the Kerrie Ann Show, Financial Review and many
more.
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