Career in Foreign Trade

India’s export-import trade is one of the most profitable global business prospects currently available. Geographic boundaries are becoming less important as the planet becomes more technologically advanced. International trade is becoming more and more lucrative, both in terms of benefit and personal satisfaction, as new developments in the global economic scenario emerge. Import Export Professionals are familiar with import export regulations and can work as Export Coordinators, Merchandisers, Procurement Managers, and Product Managers, among other positions.

Let us analyze the career prospects for Foreign Trade.

What is Foreign Trade?

The exchange of goods, money, and services through international borders and territories is known as foreign trade or international trade.
In general, no nation can manufacture all of the products and services it needs. They must depend on other countries to import products that are inaccessible or available in inadequate quantities in their own country. They can also export products that are in excess supply in other countries.

Why to choose learning about Foreign trade?

Some of the reasons to learn about foreign trade are as follows –

It provides work opportunities in a variety of fields, including finance, trade, commerce, and accounting.
It prepares students for a professional foreign trade certification and gives you a solid foundation in international business.
You could work in export houses to boost overseas sales, find new business hubs, and so on.
You may also serve as a marketing executive, who develops marketing strategies based on market analysis.

Career opportunities

Many manufacturers, banks, financial institutions and governmental entities trading abroad look for foreign trade applicants. In India and abroad, there is a huge scope for trained international trains.

Many organizations are recruiting and assigning foreign trade experts to international ventures. As a Foreign Exchange Manager, you can also analyze technical data in international business transactions and grasp International Trade Policy & Agreements. Some of the job roles you can find in this domain are as follows –

Foreign Trade Manager – International trade managers are in charge of implementing their organization’s foreign trade policies and procedures. They shall ensure that the government regulations and procedures enforced by all staff engaged in importing and exporting goods are in accordance with.
Export Manager – An export manager acts as a link between international buyers and domestic sellers. Export managers find international customers for a domestic retailer that employs them, unlike trading firms that purchase the goods before selling them directly to foreign buyers.
Relationship Manager – Relationship managers collaborate with partners and customers to strengthen business relationships. Client relationship management and company relationship management are the two types of relationship management. Both fields share the goal of facilitating positive relationships so that companies can optimize the benefit of such relationships while still maintaining a positive image.
Business Development Manager – Tasks and procedures for developing and implementing growth opportunities within and between companies are included in business development. It is a subset of the business, trade, and organizational theory fields. The creation of long-term value for a company through clients, markets, and relationships is known as business growth. Business development can be described as any operation carried out by a small or large company, whether non-profit or for-profit, with the goal of ‘developing’ the business in some way.
Foreign Trade Analyst – Analysts of foreign trade look for patterns in the international exchange of goods and services. International trade analysts must have a fundamental understanding of banking, economics, and other disciplines in order to conduct their jobs effectively, so a comprehensive course of study would be needed to lay the groundwork for this career.
Foreign Trade and Purchasing Specialist – An Foreign Trade and purchasing Specialist oversees a company’s investment portfolio, conducts asset transfers, coordinates credit and financial activities, and collects payments for international import/export operations.
Supply Chain Manager – Supply chain management (SCM) is the control of the distribution of products and services, money, and information between companies and locations in commerce. It involves the transportation and storage of raw materials, work-in-process inventory, and finished goods, as well as end-to-end order fulfilment from point of origin to point of consumption. In a supply chain, interconnected, interrelated, or interlinked networks, channels, and node businesses converge to provide goods and services to end users.

How Can you start your career in Foreign Trade?

It is important to have a good start with sufficient assets and learning material in order to be acceptable at anything. As a result, in order to be a pro in this area, your first steps toward learning must be sufficient. Let’s take a look at some of the things you should do to get started learning –

Step 1 – Learn about the basics and Develop Conceptual understanding

Before being an expert in any area, it is important to have a strong base. You must have sufficient applied knowledge even before you get your hands on the practical labs. It is necessary for everyone to begin somewhere. You must begin small if you want to have a good career in this area. You can get full information and a complete conceptual understanding by using the tools mentioned below –

Firstly, Online Tutorials for Foreign Trade
Also, Certification Courses from verified sources such as Vskills, Coursera, Udemy and so on.
In addition, Online communities
Moreover, Blogs and study material from experts in this field and many more.

Vskills also provide Online tutorials, certification courses and free practice tests for the same. You can check them out on our official site.

Step 2 – Practice different Projects

You must practice if you want to be good. It’s also the most effective way to access one’s understanding and know where you’re headed in terms of putting what you’ve learned into practice. Getting some experience in practical aspects such as applying Foreign Trade knowledge in projects will help you stand out from the crowd.

You can supplement your learning with the help of reading the blogs and tutorials by various sites which will help you to grasp a better understanding of the practical aspects.

Step 3 – Build Your Portfolio

Building your portfolio will help you gain trust in your abilities while also providing a forum for learning. Your portfolio reflects your ability to execute and schedule various logics, as well as how well you do in the areas of Foreign Trade. These responsibilities should include a variety of projects and encourage readers to learn a lot.

Step 4 – Implement your skills in Real world

Execution of the ability you’ve mastered is vital because that’s why you learned in the first place – to perfect the skill! You must also remain up to date with latest technical developments and continue to work and improve your own skills. Any of the technical courses can also be used to show that you have a comprehensive understanding of advanced skills. You can put your talents to use in a variety of ways, including:

Freelancing
Internships
Apprenticeship programs

Above mentioned steps will help you to get started in this domain. However, there is a long way to go. You can take up an advanced course to take your skills to a new level.

Average salary

In India, in the field of Foreign Trade you can get the starting salary of Rs.2 to 4 lacs per annum. Salary can be increased on the basis of qualification, working area and experience.

A career in foreign trade has become very lucrative over the years. A trainee’s salary ranges from Rs. 8000 to Rs.10000, but depending on qualifications and experience, one may command a much higher salary. In general, private businesses and multinational corporations (MNCs) pay more. With a good experience in this field, you can earn a salary between Rs.10 to 15 lacs per year.

Market Demand

Professionals in the field of International trade can be employed in export units, buying houses or merchandising and export import or the international business division of various multinational companies, engaged in the production, invoicing, packing, transport and shipping, marketing and documentation. Employment areas include –

Export Units
International Trade Regulatory Bodies
Export Promotion Councils
Buying Houses
International Department of Multinational Companies
Trade Regulatory Bodies
MNCs Departments
Research & Educational Institutions
Engineering Goods Companies
Custom Clearing Houses
State Trading Corporations
Shipping Companies or Companies

Best Institutes in India to study Foreign Trade

Here is the list of institutes that will help you study foreign trade in a better way –

Indian Institute of Foreign Trade, New Delhi
Indian Institute of Commerce and Trade, Lucknow
Indian Institute of Management (IIM),
Department of Economics, Pune University, Pune
Devi Ahilya Vishwavidyalya, Indore

Some of the undergraduate and post graduate courses you can pursue are –

Bachelor of Business Administration (BBA) in Foreign Trade
B.Com in Foreign Trade Management
Bachelor of Arts (BA) in Foreign Trade Management
Bachelor of Foreign Trade (BFT)
Master of Business Administration (MBA) in Foreign Trade
Master of Arts (MA) in Foreign Trade Management
Master of Business Administration (MBA) in International Business
Master of Commerce (M.Com) in Foreign Trade Management
Master of Commerce (M.Com) in Trades & Services
Executive Post Graduate Diploma in International Business
Post Graduate Diploma in International Trade Management
Post Graduate Diploma in Foreign Trade

Conclusion

With job prospects multiplying in export-import companies, a career in international trade has immense potential.
Professionals trained in export-import or international trade management are finding highly lucrative work prospects as markets rapidly globalize and trade barriers fall away under the current World Trade Organization (WTO) regime. A career in international trade has a lot of promise, with job openings in marketing, documentation, distribution, and packaging departments of export-import companies and in business firms’ export divisions.

Get started and discover the career opportunities in the field of Foreign Trade. Hurry up and try free practice tests now offered by Vskills.in!