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Pros And Cons About Importing Goods From China: Important Recommendations
Every time we find the label "Made in China" we are reminded that China is a place where goods are manufactured for a fraction of the US cost and distributed to more than a billion potential buyers. Corporate giants such as Wal-Mart are investing intensely in China. Thousands of small to medium sized businesses are getting in on the action too. In fact, it can be said that 2000 was the decade that got thousands of entrepreneurs to investigate how to import goods from China.
China has enjoyed an average 9.5% yearly growth within 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. Meanwhile, its export-import volume has increased twelve-fold! Foreign direct investment has reached $ 550B during the same period. China's blistering modernization from 1990-2010 made importing goods from China really interesting to retailers worldwide.
The country's first production census discovered 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 international economic crisis began to reduce China's growth rate. To settle the crisis, the government made the decision to pour Rmb (China currency) 4 trillion into the economy in the form of an economic stimulus plan consisting mostly of investments in fixed infrastructure and human capital.
Even if in early September 2009 mainland China was engaged in new trade dispute with the US over the imposition of an emergency duty on Chinese tires, a full-blown trade war is almost impossible as this is not in the best interest of both countries. Mainland China is the number one creditor of the US, while the US is the Mainland's second biggest export market after the European Union. A trade war between two of the world's leading economies will additionally be harmful to the global recovery just underway. China import export is here to stay, for now.
Northern Asia commonly (Japan, South Korea, Taiwan, Vietnam, and Mainland China) is a great area for manufacturing products (Vietnam is like China fifteen years ago).
The clear value of Mainland China today comes from the low production, labor and advanced quality control procedures, making it by far the most interesting place of the region.
Moreover, bear in mind that Chinese companies will deliver you with what you demand, even if it is not comply with their production standards. They have an excellent ability to create a very unique design by blending some existing concepts you might have submitted to them. While Westerners do not necessarily like (or are even capable to) adapting their production standards to special customer demands, a Chinese company would consider this a standard feature of their service.
Standardization such as ISO or 6-Sigma is not so popular in China, but is implemented by the higher end producers. However, regardless of your order quantity, quality control with China is a MUST. You must receive what you order and in the exact way you ordered it. From unsophisticated to sophisticated products you have to oversee quality control with Chinese vendors. Implement multiple QC check points during different stages of manufacturing. An importer's worst nightmare is getting a full container load of merchandise that is defective due to a wrong screw size, for example. If you still try to sell them, or sell goods that you don't know was defective and later falls apart, this means massive product returns, angry customers, and an accounting/billing department nightmare. As the Chairman of your own venture, you are responsible for ensuring that your products satisfactorily meet desired specifications.
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