Browse any clothing store, and you will likely find T-shirts from Honduras, dresses from Vietnam, perfume from France, and products from many other nations. And if you are lucky, you might find a hat from the United States.
Get the picture? We live in a global economy and international trade makes it hum.
International trade is business on a global scale — the exchange of goods and services between countries. Growth is expected to remain strong, and with that, career opportunities abound for those with the proper education and experience.
The Basics of International Trade
According to Investopedia, countries across the globe expand their markets for goods and services that may not be available domestically through international trade.
"As a result of international trade," Investopedia says, "the market contains greater competition, and therefore more competitive prices, which brings a cheaper product for the consumer."
Simply put, international trade consists of a two-way flow of goods and services. Imports flow into a country from abroad while exports flow out of a country to others.
According to Market Business News, nations trade internationally when they do not have enough resources or the capacity to produce the domestic needs of the population.
Individual countries will develop their resources — be it a natural resource or a resource such as cheap labor — to produce a surplus of a particular product. They can use that surplus to buy goods and services they need from abroad through international trade.
That is how it works in theory, anyway. Too often, however, governments develop a protectionist attitude. And other countries retaliate. Then, according to Market Business News, trade is blocked through punitive tariffs and quotas, and trade wars may result.
Navigating Tricky Trade Currents
It takes a shrewd business professional with proper training to navigate the tricky waters of the global trade pool. That's why online programs such as the Master of Business Administration in International Trade and Logistics at Texas A&M International University are becoming increasingly popular.
According to MBAStudies.com, the global economy requires that companies integrate "as many foreign inputs into their strategies, supplies and production processes as they can. That is why an MBA in International Trade is such a valuable asset."
The website said an MBA in International Trade is an advanced business degree that provides students the tools needed to integrate the operations of companies located around the world.
For example, students in the Texas A&M International University online MBA in International Trade & Logistics program receive standard training associated with an MBA with a core curriculum that includes management concepts that cover theoretical management perspectives, organizational behavior and theory, leadership, ethics, and human resources.
Then it digs deeply into global trade and logistics through the study of import procedures, international trade terms and applications, operations management, global government control, and customs regulations. Students will also learn about foreign freight forwarding, international transportation, warehousing and distribution.
According to ZipRecruiter, this advanced degree offers preparation for roles like global trade compliance manager, international trade compliance analyst, global logistics trade compliance manager or senior manager of international trade opportunities.
Have a question or concern about this article? Please contact us.