Introduction:

In the present era of globalisation, 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, merchandising, taxation, research and development etc.

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.

Eligibility:-

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.

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)

Colleges:

• National Institute of Export Management
• Indian Institute of Materials Management
• Indian Institute of International Business
• Indian Institute of Commerce and Trade
• Indian Institute of Foreign Trade, New Delhi
• S. P. Jain Institute of Management and Research, Mumbai
• Symbiosis Institute of International Business, Pune
• The Delhi School of Economics, Delhi University

Most careers in international business require a master's degree at minimum, and employers increasingly prefer candidates with a doctoral degree and a specialisation 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.

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

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 organising, planning, co-ordination and directing activities.

Job Prospects & Career Options:

The growth of foreign business and its importance to the national economy has increased the need for individuals prepared to handle the complex problems of international business, thus making international trade a lucrative profession. The job of a foreign trade expert is not limited to any specific segment such as marketing, documentation, shipping and packaging, or functions-related to export management, pricing, sourcing, costing, export market research, distribution, freight marketing, export finance, documentation and foreign exchange. It is a combination of all of the above and much more.

These professionals can get employment in both private and public sector. From banks, to manufacturing firms to government agencies, almost all industries having subsidiaries in other countries need people with a background in international business. Opportunities in merchandising companies, export units and the international business divisions of various MNCs are open to candidates of foreign trade. The responsibilities assigned to a professional in this area include documentation related to export/import and liaison with the tax and custom authorities. Their work also involves liasoning between exporters and port authority. Export managers and executives can find opportunities with insurance companies particularly marine insurance corporations where they are required to assess the loss or physical damage to the goods shipped in a country.

“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 analysing 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

Challenges:

• Adverse effects on the economy
• Competition with developed countries
• Rivalry among nations
• Colonization:-Sometimes, the importing country is reduced to a colony due to economic and political dependence and industrial backwardness.
• Legal problems:-aried laws regulations and customs formalities followed different countries, have a direct b earring on their export and import trade.
• Publicity of undesirable fashions:- Cultural values and heritages are not identical in all the countries. There are many aspects, which may not be suitable for our atmosphere, culture, tradition, etc. This indecency is often found to be created in the name of cultural exchange.

Remuneration

“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.

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Importance Of International Business And Personal Qualities Required." Careerride.com. N.p., 2017. Web. 29 Sept. 2017.

Career In Foreign Trade: Courses, Admission, Jobs, Salary." SarvGyan. N.p., 2017. Web. 29 Sept. 2017.