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Pros And Cons Of Importing Products From China: Important Factors
Every time we see the label "Made in China" we are reminded that China is a place where goods are produced for a fraction of the US cost and sold to more than a billion potential buyers. Corporate giants including Wal-Mart are investing intensely in China. Thousands of small to medium sized companies 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 investigate how to import goods from China.
China has enjoyed an average 9.5% annual growth during the past decade, and its Gross Domestic Product (GDP) increased from $ 300B in 1985 to $ 1,600B in 2004, larger than the state of California. Meanwhile, the foreign trade volume has increased twelve-fold! Foreign direct investment has reached $ 550B during the same interval. China's blistering modernization from 1990-2010 made importing goods from China extremely interesting to retailers around the world.
The country's first production census revealed that from 2004 to 2007, the GDP growth rate was of 10% each year. In 2007, the formally recorded GDP growth rate was 11.4 %. In 2008, the global economic crisis began to reduce 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 as an economic stimulus plan consisting mostly of investments in fixed infrastructure and human capital.
Although 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 serious trade war has a very small chance as this is not in the best interest of each of those countries. Mainland China is the number one creditor of the US, and the US is the Mainland's second largest export market after the European Union. A trade war among 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 the moment.
Northern Asia commonly (Japan, South Korea, Taiwan, Vietnam, and Mainland China) is a very good place for manufacturing products (Vietnam is like China fifteen years ago).
The obvious advantage of Mainland China today comes from the low production, workforce and advanced quality control procedures, making it by far the most attractive place of the region.
Moreover, note that Chinese suppliers will deliver you with what you request, even when it is not comply with their production standards. They possess a great ability to create a very creative design by combining some existing ideas you might have submitted to them. While Westerners do not normally like (or are even capable to) adjusting their production standards to special customer requirements, a Chinese company would consider this a standard feature of their service.
Sets of standards like ISO or 6-Sigma is not so popular in China, but is adopted by the higher end companies. However, regardless of your order volume, quality control with China is a MUST. You need to receive what you order and in the exact way you ordered it. From unsophisticated to complex products you need to oversee quality control with Chinese producers. Apply multiple QC check points during different stages of production. An importer's worst nightmare is receiving a full container load of merchandise that is defective due to a wrong screw size, for example. If you still try to market them, or sell merchandise that you don't know was defective and later falls apart, this brings considerable product returns, angry customers, and an accounting/billing department nightmare. As the Chairman of your own company, you are responsible for ensuring that your products satisfactorily satisfy desired specifications.
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