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Benefits And Drawbacks About Importing Goods From China: Important Recommendations
Whenever we find 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 consumers. Corporate giants including Wal-Mart are investing massively in China. Thousands of small to medium sized companies are getting in on the action too. 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) skyrocketed from $ 300B in 1985 to $ 1,600B in 2004, larger than the state of California. In the meantime, the export-import 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 all over the world.
The country's first production census revealed that from 2004 to 2007, the GDP growth rate was of 10% per year. In 2007, the formally recorded GDP growth rate was 11.4 %. In 2008, the worldwide economic crisis began to slow down China's growth rate. In the face of these forecasts, the government made the decision to pump Rmb (China currency) 4 trillion into the economy as an economic stimulus package consisting primarily of investments in fixed infrastructure and human capital.
Even though 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 is not likely as this is not in the best interest of each of those countries. Mainland China is the biggest creditor of the US, and the US is the Mainland's second biggest export market following the European Union. A trade war between two of the world's biggest economies will additionally be harmful to the global recovery just underway. China import export is here to stay, for the moment.
Northern Asia in general (Japan, South Korea, Taiwan, Vietnam, and Mainland China) is a very good region for manufacturing products (Vietnam is like China fifteen years in the past).
The clear advantage of Mainland China today comes from its low production, workforce and improved quality control practices, making it by far the most appealing place of the region.
More importantly, bear in mind that Chinese suppliers will deliver you with what you demand, even when it differs from their production standards. They possess a remarkable ability to produce a very unique design by combining some existing concepts you might have submitted to them. While Westerners do not normally like (or are even able to) adjusting their production standards to special customer demands, a Chinese company would consider this a standard characteristic of their service.
Standardization like ISO or 6-Sigma is not so common in China, but is adopted by the higher end manufacturers. However, regardless of your order volume, quality control with China is a MUST. You must 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 companies. Apply multiple QC check points during different phases of production. An importer's worst nightmare is getting 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 means considerable merchandise returns, angry customers, and an accounting/billing department nightmare. As the Supervisor of your own venture, you are responsible for ensuring that your products adequately meet desired specifications.
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