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Advantages And Disadvantages About Importing Goods From China: Critical Recommendations
Every time we find the tag "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 like Wal-Mart are investing intensely in China. Thousands of small to medium sized companies are getting in on the action too. In fact, we can say that 2000 was the decade that got thousands of entrepreneurs to study 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, larger than the state of California. Meanwhile, the export-import volume has increased twelve-fold! Foreign direct investment has hit $ 550B within the same period. China's blistering modernization from 1990-2010 made importing goods from China very interesting to retailers worldwide.
The country's first production census found 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 worldwide economic crisis started to lower 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.
Even though at the beginning of 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 almost impossible 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 biggest export destination 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 commonly (Japan, South Korea, Taiwan, Vietnam, and Mainland China) is a very good region for manufacturing products (Vietnam is the same as China fifteen years back).
The clear advantage of Mainland China today comes from the low production, workforce and advanced quality control procedures, making it by far the most appealing part of the region.
In addition, bear in mind that Chinese suppliers will deliver you with what you demand, even when it is not comply with their production standards. They possess a remarkable competence 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 capable to) adjusting their production standards to special customer demands, a Chinese company would look at this a standard characteristic of their service.
Standardization like ISO or 6-Sigma is not so popular in China, but is followed by the higher end producers. However, regardless of your order volume, quality control with China is a MUST. You must get what you order and in the exact way you ordered it. From simple to sophisticated products you need to oversee quality control with Chinese vendors. Use multiple QC check points during different stages of production. An importer's worst nightmare is getting a full container load of products that is defective because of 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 substantial product returns, angry customers, and an accounting/billing department nightmare. As the Chairman of your own venture, you are responsible for making sure that your products adequately meet desired specifications.
Advantages And Disadvantages About Importing Goods From China: Critical Recommendations
The clear advantage of Mainland China today lies in its low production, labor and improved quality control measures, making it by far the most attractive Asian country for importing.
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