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Out of the majority of the Asian countries on the globe, China has fast become one of the main superpowers for all sorts of goods and services, not to mention the import and export thereof. Providing to almost all the main countries in the rest of the world, China has taken the lead, and as such many companies have opened their doors to help it to spread their goods and services all over to international parts so consumers can enjoy them.
The Statista website claims that since it first began in 2013, China had already become the world’s trading center and was far ahead of the United States by an astounding 35 trillion yuan in goods till the most recent survey in 2019.
This has made it the world’s second-largest import. Information about this can be found on their website. From general trade to mechanical and electronic products, they do it all, both import and export their goods nation-wide.
Along with this major advantage, a lot of manufacturers and businesses have sought to expand their services to include the imports of these goods, for obvious monetary reasons and advantages to them. But with it comes some protocols and complicated jargon.
So, how does one import goods from China? This is a question we will discuss in their article below, helping to make it easy for you to join the club too. Keep reading to find out more.
Tapping into This Fantastic Opportunity
For those who have been doing it for years, it comes as a natural process. However, there are those newbies who are keen on joining the millions in this endeavor but have minimal knowledge regarding where to start and what to do to accomplish it in the best manner.
The process of importing goods can be confusing, costly, and slightly complicated. Things such as regulatory fees, extended delivery times, long transit waiting periods, and unexpected occurrences such as delays, all make a part of it.
The basic things you need to know before you jump in the deep end of things.
Checking What Import Rights You Have. This is an important task for you to do before anything else. Someone who purchases goods multiple times from a foreign source automatically becomes an importer. When one orders goods, there are middle-men such as DHL, FedEx, or UPS that act as the delivery companies for the goods you buy, but these are mainly for the smaller personal items you buy for your use.
As a business this is slightly different, you will need to find out if you have import rights first, before you decide to operate a business. This will, of course, depend on the country you are established in. For instance, if you are in Canada, you will need to obtain what’s referred to as a “Business number”, which one can get from the Canadian Revenue Agency (CRA). It is a unique 9-digit number that identifies your business as a legal entity.
If for instance, you are in the USA, either your IRS EIN, company internal revenue service number or your unique social security number should suffice.
European countries and businesses that operate from Europe require registration as an economic operator or EORI number, and if you’re in Japan anyone who wants to import any goods from China must declare them to customs authority in their country.
Identifying the Goods You Are Importing. Companies that trade typically make money by selling their products. This is usually researched beforehand because if you decide to sell a product that has no demand you will not only waste time but also money.
To make sure you get your money’s worth; you need to choose the right types of products to import. As a China Import Service, there are a few considerations in this aspect, such as having ample knowledge on the product, and if you don’t then a good rule of thumb is to consider a product that you would personally buy or invest in.
Researching beforehand is essential, to know what are the popular goods out there high in demand, and which ones will sell the best and the quickest. It should not cost you more to purchase them than it would to gain a profit on them. It’s all about ROI, return on investment.
Our best advice is to go with a product you like or enjoy, something you are passionate about. Something unique is good but needs to be in demand too. If you can attain it in large quantities, go for it. Your task is to find the product that “you” will sell and sell well. all goods have their strengths and weaknesses and there will seldom be a perfect one, so go with what suits you the best.
Are the Goods Permitted in Your Country? This is also a very important thing to check before you make your first move. Sometimes, some goods are not allowed in various countries, and as such will give you more headaches in the long run.
As an importer, it is your responsibility to make sure the goods obey the regulations. Most often it is best to avoid perishable goods such as milk, cheese, butter, and pretty much most of the dairy products on the market, also things such as nuts, seeds, vegetables, and fruits, should be avoided.
Other goods that won’t give you much joy include fireworks, flammable fabrics, animals, livestock, meat and poultry, insects, branded products, animals’ fir, silver, gold materials, drugs, cosmetics, we think you get the picture. If it is not safe to import, leave it to the professionals and logistics companies that know how to get them to the right country in the best ways.
Lastly, but not the least, make sure you calculate all the costs thoroughly, such as the logistics, the goods, the profits you ill make, buying and selling price, import duty, any legal costs. Finding the nearest port of entry is also a good idea.
Once all the nitty-gritty is done, make sure you track your items and expect them to arrive on a certain date. Things like these take a lot of hard work, but if done correctly, will pay out well. Keep learning and keep improving.