BLOG

A new phase of career in foreign trade and import-export business


Certainly, as globalization has progressed in the world and the number of member countries of the World Trade Organization (WTO) has increased, foreign trade and import-export trade have also increased. The height of the world has been increasing. Digitalization in the world has given wings to foreign trade. In fact, international trade and import-export trade is trade across national boundaries. It involves the purchase or sale of goods and services in different countries of the world. This foreign trade is not limited to just money or physical products , but it also includes the transfer of many other resources , which is called service export. It includes IT services , intellectual property , patents , copyrights , brand trademarks , etc.

Careers in three emerging areas of foreign trade

Under foreign trade, there are mainly three career sectors which are on the rise. One, sourcing partner in import export Two , foreign trade marketing and three , foreign trade relationship experts . Sourcing foreign trade goods is one of the most important steps in the export business in India , the percentage of exporters exporting other's goods is much higher than the percentage of exporters exporting their own produced and manufactured goods. The usual practice of export in India involves the exporter sourcing directly from the good producers or sourcing from sourcing partners. The role of the sourcing partner is very important as it involves linking the potential exporters with the manufacturers or dealers or producers of quality goods.

Opportunities in Foreign Trade Marketing

Another important career sector in foreign trade Marketing is the most important method to export a particular product. It is important to have detailed knowledge and study to export a particular product. Knowing what is the demand of a product in the international market , in which countries the demand for that product is the highest , what quality is expected , what are the prices in every country etc. are the most important parameters to stabilize the initial stage of export business . Foreign Trade Marketing expert means an expert who has got the right grasp on the pulse of exports.

Career in the field of Foreign Trade Relationship Expert

The third important career sector in foreign trade As a relationship expert . Facilitating exporters with good relationships and long term relations with international buyers as well as export partners is a rare skill that is in great demand in the Indian market. A skilled relationship specialist can help exporters to build strong relationships with international buyers.

India's position in international trade and growing opportunities

Although India's contribution to the world's international trade is still less than two percent, the scenario of India's global trade growth is clearly being outlined, where India exported a record $ 676 billion worth of goods and services in the financial year 2020-21 , the exports from India are expected to reach a height of more than $ 750 billion in the financial year 2023-24 . By the year 2030 , India's goods and services exports can reach beyond $ 2,000 billion i.e. 2 trillion dollars.

New Career Opportunities in Exports from India

Undoubtedly, the country is rapidly moving ahead on the path of an export-based economy. It is no small matter that even amidst the global economic crisis and global export challenges, exports from India are increasing. At present, the graph of India's rapidly increasing exports is a symbol of the fact that the demand for Indian products is increasing worldwide. If we analyze the new data of product exports, we find that large scale exports have been made mainly to America , UAE , China , Bangladesh and Netherlands. In terms of export products, petroleum products , electronic products , engineering products , leather , coffee , plastic , readymade garments , meat and milk products , marine products and tobacco have played an important role in the export growth. Along with this, high engineering exports , garment and textile exports etc. indicate that the perception that India is a major exporter of only primary commodities is gradually changing. Now more and more value-added and high quality goods are also being exported by India.

Opportunities in agricultural exports from India

It is also important that India, while making its presence felt as a new emerging country in agricultural exports on the world stage, is also ensuring the supply of food grains to the needy countries of the world on humanitarian grounds. There has been a huge increase in the export of food grains , non-basmati rice , wheat , millets , maize and other coarse grains, besides fruits and vegetables from India. According to the Agricultural and Processed Food Products Export Development Authority (APEDA), the export of food products is more than $ 30 billion , high value and value-added agricultural exports have been promoted in the agricultural sector. After studying the agricultural export scenario in depth, strategic steps have been taken to improve agricultural exports. Agriculture is seen at a record level. According to the Trends in Global Agricultural Trade Report published by the World Trade Organization, India has secured the ninth position in agricultural exports in the world. The share of agriculture in the country's total exports has increased to more than 11 percent.

Career highs in service exports from India

The special thing is that India's service exports have increased significantly due to COVID-19. Total IT services exports have increased by more than 20 percent in the two years after COVID -19. COVID-19 has prompted most industries to accelerate digital investment and multi-channel business and has led companies to make their back-end technology infrastructure more efficient and adaptable. IT services account for about 70 percent of total service exports. Computer services have the highest share in this. Then there has been an impressive increase in service exports in professional and management consulting services , technical and business-related services and research and development sectors.

Opportunities in foreign trade through research and innovation

It is noteworthy that the export of IT services has increased at the same pace as the number of Global Capability Centers (GCCs) has increased in the country. It is worth noting that India's innovations are presenting the most competitive , economical , sustainable , secure and large-scale applicable solutions in the world. Due to research and development in areas like Internet of Things , Artificial Intelligence and Data Analytics and a strong startup environment in India , renowned global pharmacy companies , global finance and commerce companies are rapidly expanding their footprint. Major multinational companies from America , Europe and Asian countries have established GCCs in India. This number was more than 1000 in the financial year 2015-16 , while it has increased to more than 1500 in the financial year 2023-24 . In fact , about 40 percent of global GCCs are in India. There is no doubt that the free trade agreements (FTAs) signed by India with UAE and Australia have also played an effective role in increasing India's foreign trade in increasing exports from the country in the year 2022.

 huge increase in import-export due to free trade agreements as well New importance for career

While the FTAs signed with UAE and Australia in the year 2022 are increasing career opportunities for the new generation in India, the recently signed Free Trade Agreement (FTA) between India and the group of four European countries, European Free Trade Association (EFTA) on 10 March to promote investment and two-way trade of goods and services is extremely important. It is called Trade and Economic Agreement (TEPA). After this trade agreement, many countries including Peru , Oman , Britain and European Union (EU) are seen moving the negotiations of trade agreement with India towards the final round. Under the new FTA, EFTA has committed to invest $ 100 billion in India in the next 15 years. This is India's first trade agreement with such a group , which includes developed countries. The member countries of EFTA include Iceland , Switzerland , Norway and Liechtenstein. Which will create 10 lakh direct jobs in India. This agreement will facilitate India's access to the markets of these four countries in sectors like digital trade , banking , financial services , pharma , textile. This agreement will facilitate access to the large market of Europe for Indian exporters. With this agreement, EFTA countries along with India have got access to the large market of India for growth.

It is worth noting that a free trade agreement is an arrangement between two or more countries where they agree to eliminate or reduce customs duties on goods traded with partner countries. These treaties cover 10 to 30 subjects. More than 350 FTAs are currently in force in the world. Among these various FTAs, the FTA that India has recently done with EFTA countries is being highlighted in the world. India's exports to EFTA countries during 2022-2023 was $ 1.92 billion. India's total imports from these countries during the financial year 2022-23 was $ 16.74 billion. That is, the trade deficit was $ 14.82 billion. In such a situation, the FTA done with EFTA countries will play an important role in increasing India's exports.

Qualifications for Foreign Trade Careers

One can pursue a career in foreign trade with a degree from any stream. Specialization in foreign trade with BBA is beneficial. A Bachelor of Foreign Trade (BFT) degree is also important. Then a Master of Foreign Trade (MFT) or MBA with any post graduate or diploma in foreign trade is beneficial. One can move ahead with a PG Diploma in International Trade.

Skills for a Career in Foreign Trade

There are several key skills required for a career in foreign trade . International trade compliance , export compliance , verbal communication , leadership skills , organization skills , public relations . Completing import export courses , attending buyer-seller meetings , participating in business tours, etc. are some of the excellent opportunities you can avail to build a strong career in import export. For this, strong networking skills , deep knowledge of international business and good study of good production practices are essential .

are many good quality institutes for foreign trade in various universities and colleges of the country including Madhya Pradesh , where graduation and post graduation courses can be done. You can move forward on the path of your career by selecting the appropriate complete institute as per your suitability and efficiency.