International Business / Foreign Trade
In the present era of globalization, Foreign trade/International business has great significance in the economic development of a country. Liberalisation has opened new horizons of international trade for the market and has also opened vistas of foreign markets for the diversified product line. This arena along with the traditional export and import industry provides pathway to a multitude of careers. An individual interested in finance and global business might consider a career in foreign trade. International trade is a branch of economics, which, together with international finance, forms the larger branch of international economics Foreign trade is the exchange of goods and services between nations. It is the export of goods and services to foreign countries and the import of goods and services to the home country. Trade has always been a major force behind the relations among nations. Without international trade, nations would be limited to the goods and services produced within their own borders. International trade has resulted in the import of products which are difficult to produce or unavailable in a country, and export of surplus product from a country. If a country cannot efficiently produce an item, it can obtain the item by trading with another country. It enables each country to make the best use of its most abundant resources. By selling its surplus, whether it's raw material or finished product, a country earns the money to import another nation's surplus. In most countries, foreign trade represents a significant share of the gross domestic product (GDP). In India about 45% of GDP is due to export and import. Today businesses are not just limited to the boundaries of their countries; they are expanding globally at a faster rate. There is increasing connectivity and interdependence among the world markets and businesses. A country's balance of trade (relation of exports to imports) is an important measure of its economic health. Most economists believe that imports and exports should be equal in value, or exports should be higher, for a healthy national economy. In order to facilitate foreign trade, government has set up Export Processing Zones, Special Economic Zones (SEZ), ports for facilitating exports and imports and also introduced various exemptions of duties. As more and more companies grow global, the need for qualified professionals to work in the international business domain increases. Those who are involved in the field of foreign trade is known as import and export professionals or foreign trade experts. The job responsibility of a foreign trade expert involves providing guidance and assistance to businesses involved in export and import of goods and services. International Business in India is really lucrative and every passing day, it is coming up with more possibilities. A large number of manufacturing companies, financial institutions, Banks and Government agencies trade outside their countries boundaries, they all have immense requirements for the candidates qualified in international business. International business operations account for production, invoicing, packing, insurance, transportation and shipping, logistics, quality control, inspection, finance, documentation, marketing, import, export, custom clearance, legislation, risk assessment, surveying, foreign exchange management, merchandizing, taxation, research and development etc Eligibility Degrees in international business are available at the Bachelor, Master's and doctoral level. Generally for undergraduate courses, the eligibility is 10+2 with 50% marks, and for Masters in International Business and foreign trade, the aspirant must be at least a graduate preferably in commerce. Diploma programs are also available in international business. Most careers in international business require a master's degree at minimum, and employers increasingly prefer candidates with a doctoral degree and a specialization in international business or Foreign trade. With more and more companies stretching their business outside their home country, a degree in international business is very crucial and opens doors to many lucrative career opportunities. Admission to the masters programs are held on the basis of a written test, group discussion and personal interview. Separate tests are conducted by different institutes like CAT by IIMs, MAT by All India Management Association, XAT by Xavier Institutes etc. Besides, there are executive MBA (IB) programmes offered by some institutes which require a minimum level of experience. The content of the course includes subjects like import/export management, international trade and logistics, international marketing, foreign exchange management, international finance etc. Personal attributes: Excellent communication skills, a keen aptitude for business, knowledge of foreign languages, persuasive ability and confidence are some of the attributes required to be successful in this field. Apart from the above to excel in international business knowledge of economies of different countries, understanding the modern trend in business, leadership and managing skills are required. International business professionals need proficiency in organizing, planning, co-ordination and directing activities.