Career In Foreign Trade

Do you know that Foreign Trade is an exciting career option? In the recent years, the unlimited growth has been seen in this field with offering lots of career scope.

Foreign Trade can be defined as:

Foreign Trade also termed as International Trade is the exchange of goods, capital and services across international borders and territories.

Generally, no country can produce all the goods & services that it requires. They have to depend upon the other countries for importing goods that are unavailable or available in insufficient quantities. Similarly, they can export goods that are excess in quantity in other countries.

“Foreign Trade means trade between the two or more countries.”

In the 21^st century, the United States, European Union and China are the 3 largest trending markets in the world.

In most of the countries, foreign trade represents the share of GDP (Gross Domestic Products). In the ancient times the foreign trade is conducted through Uttarapatha, Amber Road, salt road and Silk Road, these are the popular routes for trading between the countries.

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Benefits of Foreign Trade Courses:

• It offers you job opportunities in various areas like banking, trade, commerce, accounts, etc.
• It prepares students for a professional qualification in foreign trade and it provides you a good base in the international business field.
• You can work in export houses to increase the overseas sales, searching new business hubs, etc.
• You can also work as a marketing executive which plans strategies based on marketing research.

Courses & Eligibility

There are several UG and PG courses as well as diploma courses are available in the field of foreign trade. These courses help students to make their concepts clear about the trade business conducted between the countries. Some of the popular courses are mentioned below:

Diploma Courses:

• Diploma in International Trade
• Advanced Diploma in International Business
• Diploma in Foreign Trade Management
• Advance Diploma in Foreign Trade

Bachelor Courses:

• 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 Courses:

• 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
• Master in International Business and Foreign Trade
• Executive Post Graduate Diploma in International Business
• Executive Post Graduate Diploma in International Business
• Post Graduate Diploma in International Trade Management
• Post Graduate Diploma in Foreign Trade

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Doctoral Courses:

• M.Phil in International Trade and Development

Eligibility Criteria: If you are seeking to apply for bachelor courses, you must have completed higher secondary or 12^th class (Courses After 12th). For master courses, students should have a bachelor’s degree in the related field. For doctoral courses (M.Phil), candidates must hold a masters degree in the related field.

Admission

How to get admission in these courses?

Admission to Indian Institute of Management (IIM) will be given on the basis of CAT 2024 national level examination. Some other institution offer admission on the basis of XAT 2024, CAT, MAT 2024, GMAT 2024, etc. examinations.

Apart from entrance test, some institution offers admission on the basis of Aptitude Test, Group Discussion, and personal interviews. Some of the MBA entrance examinations are listed here:

• CAT (Common Admission Test)
• Management Aptitude Test (MAT)
• Xavier Aptitude Test (XAT)
• Graduate Management Admission Test (GMAT)
• Common Management Admission Test (CMAT 2024)
• Indian Institute of Foreign Trade (IIFT 2024)
• CUSAT Common Admission Test (CUSAT 2024)

Best colleges to study foreign trade courses are:

• 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

Career & Jobs

“Career opportunities are increasing fast for the Foreign Trade qualified.”

Lots of manufacturing companies, banks, financial institutions and government agencies that trade outside their countries search for candidates qualified in Foreign Trade. There is enormous scope for foreign train qualified in India as well as abroad.

Many companies recruit Foreign Trade professionals and also assign them for international projects. You can also work as a Foreign Trade Manager with the task of analyzing technical data in international business deals and understand international trade policies & agreements.

Some job profiles:

• Foreign Trade Manager
• Export Manager
• Relationship Manager
• Business Development Manager
• Foreign Trade Analyst
• Foreign Trade and Purchasing Specialist
• Supply Chain Manager
• Business Development Manager
• Market Research Executive
• Global Trade Manager
• Customs & Global Trade Automation Manager

Employment Areas:

• 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

Salary

“Mostly multinational companies and private companies offer higher salary packages in this field.”

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.

With a good experience in this field, you can earn a salary between Rs.10 to 15 lacs per year.

Books & Study Materials

Presently, lots of books & study materials are available in the market. Our experts have compiled some books after the deep analyzing of other study materials provided in the market. Some of the popular books to study foreign trade are listed below:

The International Trade System by Alice Landau

Advanced International Trade: Theory and Evidence by Robert C. Feenstra

Votes, Vetoes, and the Political Economy of International Trade Agreements by Edward D. Mansfield

Financing International Trade by James C. Baker

Fair Trade and Social Justice: Global Ethnographies by Sarah Lyon; Mark Moberg

International Trade and Developing Countries: Bargaining Coalitions in the GATT & WTO by Amrita Narlikar

International Trade: New Patterns of Trade, Production & Investment by Nigel Grimwade

Dilemmas of International Trade by Bruce E. Moon

Global Risk from Trade Wars: Time to Return to WTO by Desker, Barry

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