Looking on how to import from China? Whether you are looking at a new business venture or going overseas to source a cheaper supplier developments in technology and increased international trading has made it less difficult than it was before.
Firstly know what you want to import from China
China produces a lot of products so you should be able to find what you are looking for. If not, have a detailed specification of what you are after so they can produce it!
Find your supplier
The internet is a good place to start, full of forums and information; it has globalized communication and made it so much easier to trade internationally. With so much demand for goods from China it shouldn’t be hard to find a supplier for what you are looking for. But be aware that like most things in life you will find good and bad so make an effort to research and get to know your supplier.
Agreeing on payment terms
Most payment terms agreed upon involves a percentage being paid before production and then the final percentage completed upon delivery. Some suppliers base their payment terms on quality assurance which can be a good idea. Whereby 30% paid before production, 40% paid on satisfied inspection on the finished products, final 30% paid on delivery.
Find a forwarder and custom broker
Again the internet is a good place to look, or visit your local international trade association and customs office. You will need to use a forwarder to take care of the logistics of getting your import from China and a custom house broker to smooth over the process through customs and make clearance. They are experienced at transporting goods internationally and understand the complexities of import regulations and how it all works.
Do your homework
That doesn’t mean you don’t read up on import regulations and track your imports as you are the importer and responsibility is on you to make sure you comply with all regulations when bringing goods into the country.
Place a trial order
This is a good way to see how your costs accrue through the import process and how they can be reduced and see where problems may arise and then look at how they can be sorted.
Currency exchange factor
Foreign currency exchange is a big element of importing, for China international trade is mainly done in US dollars even though their national currency is the renminbi.
The exchange rate will ultimately determine how much you will pay your supplier and so it is important that you get the best rate possible to make importing less costly.
Using RationalFX can help you reduce your import costs from China. We are experts at foreign currency exchange and offer extremely competitive rates of exchange better than your bank. We provide guidance to suit your import payment needs and can work out a payment plan to save you money and make it easier to manage your finances.
Highly experienced at transferring money to China and are authorised by the FSA and regulated by HRMC you can be assured that your payments will get their safely and according to your instructions.
Make importing from China cheaper! Register now!