EVERYBODY'S DOING IT
Should You Import From China?
Most retailers know that their competitors and domestic suppliers are importing furniture from China. You may periodically consider the advantages and risks of importing, but the decision to investigate more fully keeps getting placed on hold.
The suppliers you currently purchase from may be convenient, easy to reach and just a phone call away. You speak the same language and you can call the local rep if there is a problem. Besides you don t have the time to really learn the jargon, the dangers and the opportunities presented by the import challenge.
Maybe now is the time to take a few minutes to understand why retailers are buying their products from
Sourcing from
Check out foreign suppliers
The first thing you need to do is to find appropriate products. Then you need to get more detailed information on the quality and price. This is the same process you go through when sourcing domestically.
Delivery Dependability
Any domestic or overseas supplier can miss the scheduled delivery date for your order. When your supplier is located in
Shipping Service
How do you want your order shipped? For furniture, the preferred method will be by ocean. Ocean takes longer than air, but is from 5 to 10+ times less costly depending upon place of delivery and the type of product you are importing.
Understand what services you are buying with the ocean freight. Find out the transit time and the frequency that the carrier sails. You want to do this so you can plan your deliveries and to use the transit options to your advantage. The faster the transit, the better you can turn the order into a delivery and into cash.
Cargo Insurance
Ocean carriers have a limited liability for cargo damage of $500 per container. They do not have the full liability that domestic transportation carriers have. You will, therefore, have to arrange cargo insurance. Your regular insurance company should be able to help you arrange coverage. Some importers do not realize that international cargo liability is different from domestic. Do not learn the hard way about the difference when damage has occurred to your shipment.
Inspect Product
Verify what you receive, both as to quantity and quality. Check for damage, from the packaging used, to shifting in transit, water damage or any other cause. This is no different than you should normally do with any shipment received.
Customs
You must arrange for a customs broker to handle the entry of your shipment into your country. This should be done before you place your order. You will need to give your vendor this information so that the proper documentation can be sent to your broker for Customs entry. The broker can also tell you if there are any import duties due and their size. He can also specify the paperwork your supplier must prepare. Original ocean bills of lading, commercial invoice, packing list and other documentation, such as Certificate of Origin may be needed. You should be aware of marking and labeling requirements, especially as to Country of Origin. Also, Customs may choose to inspect your shipment before it is delivered to you. And do not forget to go over what your country Customs needs for record keeping and record retention and discuss this with your accountant.
All this may sound complicated and time intensive. And initially it will be. You will quickly become comfortable in importing.
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