FOB Yiwu
The price in yiwu wholesale market is FOB Yiwu, the suppliers only with responsibility for deliverying the goods to Yiwu warehouse. Usually, the suppliers in yiwu wholesale market only accept RMB (Chinese yuan), they don't accept USD, Euro, or other currency.
FOB stands for "Free On Board" also "Freight on Board". The term FOB (often seen as f.o.b.) is commonly used when shipping goods, to indicate who pays loading and transportation costs, and/or the point at which the responsibility of the goods transfers from shipper to buyer. FOB shipping is the term used when the ownership/liability of goods passes from the seller to the buyer at the time the goods cross the shipping point to be delivered. FOB destination designates that the seller is responsible for the goods until the buyer takes possession. This is important in determining who is responsible for lost or damaged goods when in transit from the seller to the buyer. The buyer is responsible when shipped FOB shipping and the seller is responsible if shipped FOB destination. CAP, or customer arranged pickup, is used to denote that the buyer will arrange a carrier of their choice to pick the goods up and the liability for any damage or loss belongs to the buyer.
Yiwu is a famous international trade city, Yiwu market is the largest comodities wholesale market in the world. 200,000 foreign traders and wholesalers come to yiwu to import all kinds of Made-In-China products. Because of good quality and low price, the products in yiwu wholesale market have exported to 215 countries and regions.
Purchasing in Yiwu wholesale market is different from other cities/ markets.
In Yiwu wholesale Market:
1. Small quantity is accepted, you can mix lots of items (from different suppliers) in one container.
2. Almost all the suppliers in Yiwu wholesale market can't speak English.
3. The suppliers have not the license of IMP AND EXP. and did not know the operation of exporting.
4. The price is FOB Yiwu, the suppliers only with responsibility for deliverying the goods to Yiwu warehouse.
Therefore, when you will purchase in Yiwu wholesale market, it is most important to find a good agent in yiwu at first. It must be reliable, experienced, with complete, excellent and efficient service. You pay USD or Euro to your trusted yiwu agent, then the yiwu agent pay RMB to the suppliers in yiwu market. A reliable yiwu agent can accept FOB Ningbo, FOB Shanghai in USD.
Source: www.yiwu-agent.net Author: Dr. Yiwu Agent Email: sales@yiwu-agent.net Date: Sep. 1, 2008
