Asian manufacturing hubs including Vietnam and India saw significant export growth in 2012. AsiaInspection, a leading quality control services provider for importers from Asia, recently released its 2012 Performed Inspection and it showed Vietnam posting the highest growth at +34% followed by Bangladesh, China and India which all had double-digit growth as well. China however still remains as the leading player as it accounts for 84% of combined exports from these four countries. China is now Australia’s largest two-way trading partner and the primary location for sourcing new products for import export businesses in Australia.
Hot New Regions to Import from in China
It doesn’t look like China’s growth will peak anytime soon. In fact, AsiaInspection reported a 270% increase in inspection activity in Chonqing, Chengdu, Wengzhou and Zhengzhou. This remarkable growth even prompted Cathay Pacific in September to establish new air cargo routes from Zhengzhou.
My Import Label’s Trends
My Import Label has noted for some time that the cost of importing from China, in particular manufacturing on the eastern seaboard in China in Guangzhou has increased. Therefore it makes sense that importers are moving to less developed industrial centres to keep prices down. This presents new challenges for importers when they start dealing with manufacturers in China that are less experienced exporters, and may have little to no experience exporting to Australia.
Even with the increased prices for Australian importers from China – due to rising labor costs, inflation and appreciating Chinese currency, China continues to be seen as the leading source for manufacturing and import destination for Australian import export businesses.
China is Still the Top Import Destination
Exports will continue to be the main driving force of China’s economy as it leads the way in the growing Asian export market. China’s exports moved upward in the first three quarters of 2012 making up 11.1% of total global trade, posting an increase of 0.6% when compared to the same period the previous year.
by Craig Ford Asian Export Markets – China Top Import Location
My Import Label China Still the Top Location for Importers, but Vietnam, India and Bangladesh growing