What does it cost to import from China?
There are many variables involved, so use the following as a guide:
- Cost of goods - variable. After you have at least six quotes from suppliers, you'll have an idea of a fair market price to pay.
- Import assistance company - $ variable depending on level of service.
- Freight - $ variable, depending on volume, port it's coming from/going to, time of year, freight company used etc. Allow $2,000 - $5,000.
- Duty - Between 0% and 17.5% in Australia of the value Customs put on your goods
- Goods & Services Tax - 10% of (The Customs value of cost of goods + freight + insurance + Customs duty)
- Other e.g. Customs clearance, document fees, wharf charges etc - Allow another 3% on top of everything else.
Financial products go under different names including Trade Finance, Inventory Finance and Import Finance.
For small to mid size companies, the Bank of Queensland has good products and helpful service.
For established importers, a new and innovative finance company worth checking out is Octet Finance, who specialise in financing importing from China.
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