Date: 2013-08-05

Finding overseas suppliers

As with finding a domestic supplier, careful research is key to identifying overseas suppliers. You will have to identify countries to trade with, as well as individual suppliers within those countries.

Identifying suitable countries

For most goods and materials you can choose to import from a wide range of countries. Expect a trade-off between prices and levels of regulation and protection. Suppliers in developing countries may be cheaper but it may be more difficult to resolve any problems.

Factors that should influence your decision include:

familiarity with the country - knowing your target country and having contacts within your sector there makes doing business easier

communication - if you (or your employees) don't speak the local language, check that English is widely spoken by businesses, or whether there are translators and interpreters available

whether or not a country is a European Union (EU) member - if it is, many key regulations and standards will be similar to or the same as in the UK

level of development - it's generally easier to trade with developed countries than developing ones

how far away the country is - this affects shipping costs, the length of your trading cycle, and the ease of visiting suppliers, if necessary

levels of existing trade with the UK - high volumes suggest other businesses have successfully chosen the route you're considering

Identifying suitable suppliers

There are many sources of information about potential suppliers, including:

trade associations for your sector - find trade associations for your industry on the Trade Association Forum website - Opens in a new windowother importers in your sector

banks' trade services departments

overseas trade visits and exhibitions

Trade-services suppliers

Remember you may need secondary suppliers to help with the trading process, such as freight forwarders or import agents to handle shipping and customs-related formalities and documentation.

 

 

( liyy )23 Dec,2010

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