In today’s business setups, there are plenty of companies that have branch offices and manufacturing units set up outside their native countries. The name of the game is globalization. Everyone is everywhere with the age of the internet in full bloom now and India has one of the largest consumer markets in the entire world, our population is in itself a superpower for the country. This number comes with an unquenchable demand with just the infrastructure in our country alone and thus over the past couple of decades- foreign trade has emerged from the shadows as one of the leading segments of business in India. Foreign Trade deals with the exchange of products, services, capital across borders and encourages development and increasing revenues for either of the parties involved.
In 2017, Foreign trade alone accounted for 48.8% of our Gross Domestic Product. India was and remains the eighth largest exporter of goods and services in the world, accounting for 3.4% of the global economy. We also managed to see an upsurge in services trade by 5.7% in the year 2017. We export well over 300 billion USD worth of commodities to more than one hundred and ninety countries in every financial year. Refined Petroleum, Machinery, Gems, Ores, Metals, Automobiles, Organic Chemicals and Pharmaceuticals remain the top commodities of Export. We have a strong trading relationship with countries like China, UAE, Singapore, Germany, Japan, Russia and Indonesia. Foreign Trade Jobs are plentiful in India.
In service trade, we are renowned as one of the highest quality and least priced service providers in the world. The manufacturing in India has seen a boom in the past five years under the Make-In-India policy adopted by the government. Many Multinational Companies (MNCs) face the challenge of finding cheap and efficient labor to set up shop and start pumping out products into the world economy and since production in the West is anything but cheap they look towards Asia as the home ground of skilled and cheap labour. Business Process Outsourcing or BPO is the process of setting up business branches in other countries as a form of service exchange without actually getting employees on the company’s payroll. India is at the top of the food chain amongst companies with a large amount of BPOs. Our service trade is through the roof- as of 2012, we have over 25 Lakh individuals working in the outsourcing sector generating over 11 billion dollars in revenue every year.
A foreign trade job is an outstanding career choice, but you do need a specialized degree to make a difference because without equipping yourself with the proper skills before you look for a job will only end up with you not making a big difference. Indian Universities and Colleges offer a Master’s degree in Business Administration or MBA from International Trade (equivalent to foreign trade) which is one of the most sought after programs. A B.B.A. isn’t necessary for entering the Master’s but is encouraged as it will give you an honest foundation. A Master’s degree in Commerce or M. Comm is also acceptable. Post Graduate Diplomas in Management and their respective equivalents are relevant as well. For MBAs in particular CAT or GMAT for PGDM needs to be cleared first hand, the average length of courses is about two years across the board.
Lots of MNCs, Banks, Manufacturing Companies, Financial Institutions, Research & Educational Institutions, Engineering Goods Companies, Custom Clearing Houses, State Trading Corporations, Shipping Companies, or Companies and Agencies along with Government sector institutions and Regulatory authorities look for skilled professionals in Foreign Trade. Some of the most common Foreign Trade Jobs include the likes of Export Business Development Manager, Head of International Sales and Marketing, Export Marketing Manager, International Business Consultant/ Foreign Trade Consultant, Manager Operations- Export, Associate Relationship Manager, Foreign Trade and Business Analyst, Trading Strategist and Foreign Exchange Specialist among others. Even people buying property outside of their country, in some instances require help from foreign trade specialists.
With average salaries ranging from 2 to 4.5 LPA for freshers and progressing to a mid/late career salary of over 15LPA, it is a lucrative field with plenty of exposure and the added benefit of personality development from all the different cultures that are known to these individuals by virtue of their trade- the career prospects for Foreign Trade in India are good and they only are seen to get better with every passing year.
