China has become one of the largest exporters of goods around the world. Their one belt initiative has connected them to several countries where they can directly export their products. Furthermore, their products are innovative and of good quality with cheaper rates. Therefore, a lot of foreign retailers buy from them and sell the products in their country.
The same thing happens in European countries too. However, there are trade differences among Asian countries and between China and developed countries. Just like many other developed countries, European Union has strict restrictions over exports and imports of products. Therefore, you need professional help if you want to import Chinese products into European Union countries.
This is especially important for businesses and not for small retailers. For example, if you are importing products of a few hundred pounds, there won’t be serious situations. However, if you want to do a business partnership, you need help, a person or agency that can enhance your business.
Coolen China helps you in your business deals in China, you can check this website. They have been in this business for almost 2 decades. If you need any guidance in purchasing products from China, they can help you out. Likewise, you can find amazing deals and do purchase and quality checks too. Furthermore, they will also guide you for outsourcing irrespective of your business size.
Understanding the Chinese market
If you want to do any business, you need to understand that market. The same goes for China too. There are a lot of differences between the European and Chinese markets and so does their culture and values. And if you are planning to do a long-term business, you need to understand their values and ways. This will help you establish a positive and successful relationship with your business partner.
Here are some of the things that you should know about importing to the EU from China.
1. Make your objectives clear
If you are buying something from a foreign land, you should be aiming at something. For example, you might be trying to find something cheaper or something that is not available in your country. So if you have a clear objective, it will be easier to find the seller.
If you are looking for cheaper products, you will search for them. The market is different.
Likewise, if you are looking for a unique product, you won’t have to go with the price.
Although it is necessary that the product is not too expensive but that’s not your main concern. The first thing you will do is to find sellers that sell that product. After that, you will negotiate the price.
China has a huge manufacturing market. They make almost everything and of various qualities. Therefore, you must plan everything first. It is even better that you find a reliable person who can do the research work for you.
2. Find a reliable supplier
Now you have a clear goal in your mind about the things that you want to buy. The next thing that you need to do is to find a legitimate supplier. Because of a wide and huge manufacturing market, the risk of getting fraud also increases.
The very first thing that you need to check is the credibility of the supplier. You can check that whether he meets your standards or not. Likewise, you can also ask for his sample products to check the quality. Another important thing is that whether the supplier outsources the work or not. If the supplier outsources work, the quality may vary. Therefore, it is important to check this aspect.
3. Create a contract
You cannot accept everything they ask for. You must have some set goals in your mind.
And the best way to make both parties abide by all the rules is to create a contract. You must write everything down on the contract. It includes the rate of purchase, quality, and also time of delivery.
This will be a documented proof between both parties and will get rid of all the misunderstandings. Furthermore, the details about payment method, currency and also the price should be mentioned in this contract.
4. Negotiate your deal
When you are making a business deal, you have to think about your benefits. Likewise, the other party will also do the same. Therefore, you have to understand these things and should also know your strengths and weaknesses. These things will help you out in negotiating the right deal.
Furthermore, you should also understand their mentality. Chinese businessmen have a mindset of creating friendship before doing business. So if your relationship goes smoothly, so does the business partnership. A better relation will also help you out in negotiating the price of your choice.
5. Finalize your mode of transportation
After making the deal and before signing the contract, you should also finalize the mode of transportation. You only have two choices. Whether you can transport through air or water.
The expenses vary with both. So you have to ask for details.
If you need to transport large quantities, sea transportation will be the more suitable option. But if your products are sensitive and expensive, it is better to go with air transportation. It is safe and secure and also ensures fast delivery.
6. Know about the trade tariffs of your country
You should also pay attention to the trade tariffs of your country. Because these things vary from country to country. If the trade tariff of your country is very high, you have to pay more tax duty on imports. Thus, it will increase the selling price of your product. Therefore, you cannot buy an expensive product and then pay a high duty fee and sell it at a low price. Of course, the final price will increase too. Therefore, people usually focus on getting cheaper products.