Benefits And Drawbacks Associated With Importing Merchandise From China: Important Recommendations
Whenever 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 sold to over a billion potential consumers. Corporate giants such as 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 investigate how to import goods from China.
China has enjoyed an average 9.5% yearly growth throughout the past 10 years, and its Gross Domestic Product (GDP) skyrocketed from $ 300B in 1985 to $ 1,600B in 2004, higher than the state of California. In the meantime, the 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 extremely attractive to retailers all over the world.
The country's first production census discovered 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 international economic crisis began to reduce China's growth rate. In the face of these forecasts, the government decided to pump Rmb (China currency) 4 trillion into the economy in the form of an economic stimulus package consisting primarily 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 not likely as this is not in the best interest of both countries. Mainland China is the biggest creditor of the US, and the US is the Mainland's second biggest export market after the European Union. A trade war between two of the world's biggest economies will also be harmful to the global recovery just underway. China import export is here to stay, for now.
Northern Asia in general (Japan, South Korea, Taiwan, Vietnam, and Mainland China) is a very good area for manufacturing products (Vietnam is like China fifteen years ago).
The clear benefit of Mainland China today lies in its low production, labor and improved quality control practices, making it by far the most interesting place of the region.
Moreover, bear in mind that Chinese suppliers will provide you with what you demand, even if it differs from their production standards. They possess an excellent ability to create a very unique design by mixing several existing concepts you might have submitted to them. While Westerners do not necessarily like (or are even able to) adjusting their production standards to special customer demands, a Chinese company would consider this a standard feature of their service.
Standardization like ISO or 6-Sigma is not very common in China, but is implemented 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 unsophisticated to sophisticated products you should monitor quality control with Chinese companies. Implement 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 due to a wrong screw size, for example. If you still try to sell them, or sell products that you don't know was designed wrong and later falls apart, this means massive 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 satisfactorily meet desired specifications.
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