China is a significant trading partner of Bangladesh and is the primary source of imports. Those who wish to import products from China to Bangladesh have two options available to them. The first option is to introduce oneself and acquire an import license, which is ideal for those who plan to import regularly and require a large number of products. The second option is to work with a Chinese importer, such as supplyia Imports, who will accept the order and provide a quote. This option is suitable for those who are starting their importing business and do not have an import license or do not intend to import a significant number of Chinese products.
Importing goods from China to Bangladesh can be a lucrative business venture, but it requires careful planning and consideration. This article will provide an overview of the two ways to start importing products from China to Bangladesh and will discuss the advantages and disadvantages of each method.
Key Takeaways
- China is the primary source of imports for Bangladesh.
- There are two ways to import products from China to Bangladesh: introducing oneself and acquiring an import license or working with a Chinese importer.
- Careful planning and consideration are necessary when starting an importing business from China to Bangladesh.
How to Start Import Product from China to Bangladesh?
Importing products from China to Bangladesh can be a profitable venture. Here is a step-by-step guide to help you navigate the process.
1. Get an Import License from the Government of Bangladesh
Before importing products from China to Bangladesh, you need to obtain an import license from the government of Bangladesh. The required documents for importation to Bangladesh include a letter of credit authorization form, a bill of lading or airway bill, commercial invoice or packing list, and a certificate of origin. Certain imported items or services may require additional certifications or import permits related to health, security, or other matters from relevant government agencies. Reduced documentation requirements apply for the public sector.
2. Know What You Import
To import products from China to Bangladesh, you need to determine which product to import. Market research can help you identify the best-imported products to meet your needs.
3. Conduct Research on Suppliers
There are many ways to find China wholesale suppliers, such as Alibaba, Google, etc. Alternatively, you can find sourcing agents like Supplyia, as it is famous for importing from China to Bangladesh export company. You can choose from a list of multiple suppliers, and you can rent imports. Parameters that can be checked when selecting a supplier include price and minimum order quantity. You can also have them take samples to check if they meet your criteria. Please note that even if the supplier provides samples for free, you will pay the shipping cost of the samples.
4. Analyze Your Budget
Since you will be in international trade, you need to know how much you will spend. Therefore, you need to determine your budget, usually >$1000 for a start, to consider all factors of shipping costs. This step is crucial and will save you from financial setbacks in transit.
5. Get in Touch with Your Supplier
Once you have a list of potential suppliers, you can continue to narrow it down to find the best ones. Some areas you can clarify to get suppliers to include:
- Minimum order quantity they can offer
- Best offer
- Confirm the price of each product on Alibaba
- Payment options
- Production time
Knowledge of these aspects will allow you to find the right supplier for your shipment.
6. Negotiate for a Better Deal
Once you have a supplier, you can reach out to them to negotiate some aspects of shipping. This may include price negotiation, production time, and the quality of your goods.
7. Payment
Once you have received your shipment, you can proceed and authorize payment for your shipment. Remember, this is a requirement; you will be importing from China to Bangladesh through a letter of credit.
8. Shipping Agent from China to Bangladesh
Find a good shipping agent who will ship your products to the location. Make sure the shipping time, the clearance policy, and documents. The shipping agent should help you calculate duties and taxes on the specified product you want to import.
Import Goods from China to Bangladesh Conclusion
In conclusion, it is not advisable to buy directly from a China factory when importing goods to Bangladesh. Although the prices may be slightly cheaper, the risks and costs associated with buying directly from a factory outweigh the benefits. Instead, it is recommended to buy through BD’s agents, who offer the best quality, credit, and act as a guarantee in case of late delivery or poor quality.
When buying directly from a factory, one must ensure the quality and specifications of the goods, consolidate from different factories, pay for goods before shipment, pay for freight and import duties, and store the goods in a warehouse in Bangladesh. This not only increases the cost but also blocks money, which can be detrimental if the goods are late or have quality problems.
By using a local sourcing/purchasing company, importers and buyers can avoid these risks and costs. The company can handle the import process from China to Bangladesh, ensuring timely delivery and quality products. Therefore, it is highly recommended to use a local sourcing/purchasing company when importing goods from China to Bangladesh.
Contacting a local sourcing/purchasing company will help importers and buyers minimize risks and costs, while ensuring timely delivery and quality products.