The Benefits of Importing for Your Business
Our population and industries rely on imports to maintain economic growth and our high standard of living. There is a common misconception that imports undermine the Australian way of life, but in reality the Australian economy has evolved from a self sustainable model where we produce what we need, to an economy that is interdependent with the global economy, and freely trades all kinds of product.
Create an account and learn to import and launch a new product line to market.
Advantages of Importing
Here are a few reasons why as a start-up or an existing business, you should consider an imported product:
- Price advantage over competitors – buy direct from the factory, lower your operating costs and increase profitability
Become a market leader in your industry – learn to source new and unique products before your competitors do and be first to market with the new product
- New import product opportunities – Australia is becoming a higher technology based economy, so lower technology industries increasingly move offshore which provide new supply opportunities for buyers
- Lowering of import tariffs – in recent years, the Australian Government has signed a major Free Trade Agreement (FTA) with ASEAN countries and is considering FTA’s with China and India. These FTA’s deliver lower import tariffs and help importers clear regulatory barriers, so some products are becoming cheaper to import from certain countries, creating new supply opportunities for savvy importers. ASEAN countries include Vietnam, Cambodia, Indonesia, Laos, Malaysia, Brunei Darussalam, Burma, Philippines, Singapore and Thailand
- New markets to source from – for nearly 20 years, China has been the lowest cost and most popular market to source from and still has the largest manufacturer base suited to export markets. However, the Chinese currency will gradually increase soon and imports from China will also increase in price so new import opportunities will emerge from ASEAN and other countries
- New products to market – when launching new products to export markets, manufacturers in China and India tend to focus on the US and EU because of the size of those markets. Australia, mostly due to our lack of population and buying power is further down the list of priorities. This means new products don’t always make their way to Australia on release so it can be a season or two before commercial quantities of product make there way to Australian shelves, or online stores. There are often good opportunities for savvy importers looking to bring a new product to market
- Your local knowledge – overseas manufacturers don’t necessarily have the skills, resources or local knowledge about Australia to effectively sell into our market . They need a ‘local’ to navigate our markets and distribution channels
Create an account now and up skill in sourcing, product strategy and digital launch so you can profitably launch any new product.
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