Africa-China Import Partner FAQs

The main objective is to connect African importers to reputable Chinese suppliers via a nominated and vetted China Import Partner. This Import Partner will ensure you get the best deals by:

• Sourcing the right suppliers for your business
• Negotiating the best prices and trade conditions on your behalf
• Arranging travel logistics when you need to travel to China to meet with various suppliers
• Providing translators to facilitate trade negotiations and discussions
• Validating and ensuring the quality of goods from the suppliers meet the agreed standards
• Providing financing services based on Letters of Credit from Standard Bank and ICBC, should the need arise
• Handling your shipping logistics and delivery to destination, depending on your preference

Currently, African importers have a limited view of China’s supplier universe. African importers must generally travel to China where they meet one or two suppliers, build a relationship and then start importing. 

Operating through an accredited Import Partner in China means that African importers can have sight of and access to thousands of reputable suppliers in China, providing them with more options and the ability to negotiate better quality goods on improved terms.

Since the process is underwritten by a bank-backed Letter of Credit, African Importers will no longer need to pay upfront, in hard currency. Instead, they can keep their cash in the business until goods are landed and sold, thus freeing up working capital.

The Chinese Import Partner assists with translation services and communicates in Mandarin with Chinese suppliers, customs officials and shippers. This removes language barriers while creating visibility and predictability to the import process.

Standard Bank, in partnership with the Industrial and Commercial Bank of China (ICBC), is able to issue payment in the form of Guarantees and Letters of Credit, supported in turn by ICBC Letters of Credit – raised and drawn down in China.

This means that Chinese suppliers can be 100% confident of timely payment in full, without running the risk of dispatching goods without payment or having to insist on cash payment upfront in hard currency.

Zhejiang International Trading Supply Chain Co Ltd, also known as Guomao. They are a China-based agent appointed by ICBC (Industrial and Commercial Bank of China) and Standard Bank to assist African importers execute trade seamlessly with China. Currently, Guomao has a supplier base of 35 000 Chinese companies.

No, the agent can help with any size of importation. There is no restriction in terms of size or volume of import.

Guomao has a broad expertise and can handle procurement of all kinds of products, raw materials and goods. They can leverage their supplier base of over 35 000 companies to deliver on all orders.

You can still get quotations from your present suppliers and compare those to Guomao’s quotations for the same product quality before taking a decision on which option you prefer. Guomao does not charge fees if the trade is not conducted through them.

This is provided on a case-by-case basis depending on the product specification. TAT is also subject to local shipping terms and documentation procedures.

Yes, this will be agreed with the Import Partner prior to initial upfront payment. The aim is to free up your cash flow and help you get more products with reduced down payment to suppliers.

Payments can be made through LCs, Bills or Telegraphic transfers depending on the importer’s preference. Guomao will not insist on any specific payment mode.

Standard Bank can also issue RMB LCs to make payments for goods procured under this proposition. This eradicates the need for you to source dollars (USD), thereby resulting in faster transactional TAT.

Yes, the items on the CBN’s exclusion list are allowed. Items on the list are not “contra-bands” but only excluded from accessing the official windows to source FX, so all such items will have their Forms M registered as non-valid for FX.

Yes.

Yes, Guamao can link you to the suppliers for direct discussions.

You can be linked to the Import Partner, Guomao, as soon as you open a business account with Standard Bank.

No, all payments to Guomao must be made from a Standard Bank account.

The Import Partner, Guomao, takes full responsibility to rectify any default on behalf of you, the customer.

No, it is only applicable to imports from China.

No, we do not charge a service fee for introducing you to our Chinese Import Partner. However, normal bank transactional charges apply for international payments and trade-related transactions.

Guomao charges a commission of between 3-5% of the value of your import order. Because Guomao is able to negotiate competitive pricing on products on your behalf, the overall cost including this commission is likely to be lower when compared to the average market price.

Yes, Guomao can assist by providing a Chinese Government invitation letter and help with organisation arrangements.

In line with our key purpose of driving Africa’s growth, we’re leveraging our partnership with ICBC to simplify trade between Africa and China – and in doing so, enable our clients to gain a competitive advantage and grow their business.

Our aim is to become Africa’s ‘go-to’ bank in Global Trade, with particular emphasis on Africa-China Trade.

We believe this proposition is of immense value to our clients and will help us achieve our purpose as a bank in driving growth on the African continent.

Kindly send an email to [email protected] with the following details:

• Promoters name
• Business name
• Standard Bank account number
• Relationship manager (If known)
• Product(s) to be imported i.e. Product name, type, specifications and volume required.