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Pay attention to the Korea bad-credit importers

By , 2008-03-08 12:00:00

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Not long ago, we received a member's report complaining that there was a Korea company named SPUD KOREA CO., LTD. imported S/S 316 large-sized fasteners (M22\M24) from China mainland, and some Jiangsu and Guangdong corporations had suffered loss from it!
 
This kind of importer always tempts you with large quantity, but little advance payment or no advance payment at all. They sign the contract on the payment term of full L/C, but after you got the material prepared for produce they change the payment term for half L/C half T/T or full T/T for all. Letter of credit is often opened by a diminutive inferior bank in Korea. Visiting factories, asking for entertainments, demanding kickback, etc. Although there are some orders really exist, at last they will compel you to bring down the prices with some excuses such as poor quality. Because the large-sized fasteners are made to orders, the manufacturers have to sell them out at a loss. Finally, the Korea importers get the orders with rather low prices. So, we should not give them the bills of lading before we get the payment by T/T. The exporters that deceived by SPUD Company are charging them now.
 
We have received the complaints about Middle-East from our members before, now we have to be ware of Korea fasteners importers, too. Compared with the development of the trade between China and Korea, it happens seldom after all. As the documents from KOREA FASTENER COOPERATIVE show: In 2006, Korea imported USD 72,900,000 fasteners from China. In January to July, 2007, they imported USD 67,900,000 fasteners with a remarkably growth.
 
In a word, it's essential for our exporters to avoid loss by reinforcing canonical manipulation and complying with international trade regulations strictly. Besides, don't do business with the bad importers. If suffer any business dissension or loss from them unluckily, seek help from associations or laws in time. For Chinese Import & Export Corporations, it is necessary to establish a "bad-credit importers blacklist" for corporations, mediums and associations in the future.

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