I would say it does work but you would have to factor in lots of issues like importation costs, currency exchange rates and stuff. I know people who import stuff from China in batches and then sell them off here. I also know some people who print calendars and they are printed abroad and then sent over here to be sold. It has made them some money.
I remember going to China and seeing this bracelet thing that costed around 20p. A year later, it was advertised on tv and was selling for something ridiculous like £4 for exactly the same thing.
So, Im sure it does work but you'll have to be careful.