Updated May 8, 2023
Introduction to Import Export Management
Today you cannot imagine the world without import and export management. Importing goods from a country and exporting to another country has become a vital part of business today. When a country cannot manufacture a product, it must import goods from another country. This is called international trade. Most of what we buy today comes from import, export, or international trade. Almost the entire world is involved in international trade, making this industry huge. However, did you ever know that transferring goods across national borders is extremely complicated? International trade is a complex process requiring several people’s involvement to ensure smooth operations.
Importance of Import Export Management (Managers)
The importer, exporter, and freight forwarders are the intermediaries who facilitate international trade. Importing and exporting involve cross-border trade, with importing being the acquisition of goods from another country and exporting being the sale or distribution of goods to a different country. Unlike small local transactions, international trade involves huge businesses and transporting large quantities of goods through various mediums such as ships, HGVs, trains, and airplanes.
The availability, price, and status of goods are crucial factors in international trade. For example –
- 1st of all, goods are imported from a different country because certain goods are not at all available in a particular country
- 2nd, a few products are much cheaper in a different country than in your own country, and this involves high-profit margins in the business
- 3rd and last reason for importing products from a different country is simply because a few products maintain a very high status of international goods or imported goods.
Your role as an intermediary will vary with the role you occupy as an agent amid the supply chain of this business and the type of company you are working for. There are several Export Management Companies that are EMC. These companies manage international business for companies lacking the facilities, skills, and knowledge of international trade. Here you can play an important role in the supply chain. This role includes arranging for overseas distributors, marketing and advertising of products internationally, shipping these goods, and arranging the budgets and invoices.
Depending on the role you want to play in the business, you can choose your designation accordingly. A basic international trade qualification is crucial because well-organized professionals who excel in maintaining records and are focused on such trade must handle large-scale trade.
If you have exposure to an international language or international languages and have good command over your language, it adds to your value of international trade. Depending on the company, the focus on international trade differs. Some companies depend on imports mostly. Some depend on exports. However, most of the company focuses on the entire international trade process. Though his business is fast, it is also extremely financially rewarding.
The entire process is not as complicated as it sounds. It is the transfer of goods from one company to the other, mind you, huge global transactions facilitating their huge shipping transactions. Most domestic companies outsource their international trade due to a lack of knowledge of the EMC. These EMCs employ experts who not only take charge of the exports of the domestic company they also market their products abroad, seeking distributors for the products. Along with looking for the best mode of transportation, the EMC also ensures they look after the financial part of the transaction. Of course, the EMC charges a minimum fee of approximately 10% of the domestic company’s per-product cost, enabling its employees to make good money and receive attractive salaries.
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Scope of Import Export Management Career
Various companies and industries require professionals in their respective fields to conduct import and export business. A few types of companies include import-export management special export houses, custom clearing houses, merchandisers, ports, dry ports, special economic zones, transportation companies, logistic companies, a trading corporations of the state, shipping companies, and shipping corporations, marine insurance companies, directorate general of foreign trade, foreign exchange services, financial institutions and banks providing finances to international trade, quality control labs of products both pre and post shipments, BPOs involved in import and export, customer relationship management, export marketing firms, international finance management, international accounting and also international finance.
With the variety of companies available, a professional in international trade has a huge scope of international and domestic business careers. Industries such as companies with subsidiaries in another country, international or MNC banks, export companies, public sector houses, etc., usually offer handsome salary packages and other facilities to candidates who have completed an import-export management course. On completion of the degree or the diploma course, you can work with an export house or a merchandiser with responsibilities such as documents related to the import and export and also coordinating between the taxation and customs authorities, between the exporters and the port authorities. Exporters require Custom House Agents that CHA to help them clear customs. CHAs are professionals qualified in taxation and customs formalities, and they can help smooth the flow of trade, especially with the customs department, by understanding their requirements.
Export managers and executives are another designations in demand for insurance companies, especially marine insurance corporations. These managers and executives assess the losses incurred while shipping products to different countries. This designation allows you to access, survey, and certify the goods shipped. This job is specifically technical. This job demands high professional competence and knowledge of the latest legislation and standards that apply to international trade.
International marketing qualification is extremely fruitful as it has immense scope for growth. An International business or IB specialization can pave the way for a successful career-boosting international trade. International marketing experts are in demand with the export houses as they are great at boosting international sales, looking for new hubs for business and new potential international markets. The requirement here is having an IB specialization with your post-graduation degree and an attitude of accepting the business world’s challenges. IB professionals, and customer relationship managers, predict demand and international buyers abroad based on their suggested marketing strategies. And if you know a foreign language, you have an added value.
And international business consulting is one of the most remunerative careers after IB in international trade. These consultants provide international business market updates on different business development domains and information on the market to international companies. They give you information about everything, such as international business investments, competition, opportunities available, business practices, and the legal implications of starting a business in a different country. You can work as a consultant with a company already in international business or a new international business and expansion company. Risk and business analyses are the two most important parts of this profile.
International finance is one of the emerging fields these days for professionals and candidates who have relevant knowledge. It needs a high level of expertise in managing MNCs’ finance-related affairs with huge international transactions. Expertise in analytical skills and a background in international finance can get you placed in different bank and financial institution domains. Banks and financial institutions have separate departments for foreign trade and foreign exchange transactions, consultancy, risk management, and international financial management, along with performing import-export management finances like the letter of credit and the bank guaranty. Institutes such as EXIM Bank, public sector banks, private sector banks, and MNC banks hire professionals with an IB degree and specialization in international finance. Professionals with specialization in currency derivatives, risk management, foreign exchange, and international finance are also hired by companies.
Besides the above fields, you can also teach international business by becoming a faculty in an import-export management institute. Becoming a journalist and media reporter related to export, import, and commodity reporting is a good opportunity for youngsters interested in international business news in print and electronic media. International accounting and self-employment are good options to help you grow internationally.
The opportunities are not less and never-ending now. What you need to know is what qualification has what requirements.
Compliance Officer
The basic job of a compliance officer is to regulate and oversee trade compliance. You need a minimum graduate or bachelor’s degree qualification to apply for this course. Different institutes offer different lengths for this program; however, mostly, it is supposed to be for 4 years. To pursue it, you need a professional experience of 3 years. You add to your value if you have a professional certificate. The estimated growth for jobs in these designations is 3 to 7% in the next decade. The salary in this designation is approximately $68000 to $70000.
Logisticians
Coordinating between two organizations to meet their supply chain is the main job of a logistician. The basic qualification required here is a graduate or a bachelor’s degree. In most institutes, this program has a course length of 4 years; however, it differs with institutes. A professional experience of 3 or more years is required to become a certified logistician. Even here, professional certification is optional. You may or may not require a professional certification to pursue this course. The average estimated growth for this job designation is 22% in the next or the coming decade. On average, you can expect a salary of $77000 to 80000. Coordinating between two international organizations and looking after the smooth flow of trade transactions is an extremely interesting job if talking to people from different parts of the world is something you fascinate and love.
Marketing Manager – Import Export Management
Developing marketing strategies to increase overseas sales for a company’s products is the responsibility of the job role of a marketing manager. To become a marketing manager, you need a bachelor’s or master’s degree. Completion of this course takes about 4 to 6 years. The professional experience required for an international business marketing manager is for 2 years and more. Certifications are not required, or rather not applicable here. If you have exposure to one or more international languages, you have an added advantage to your resume. In the next decade, an estimated increase in growth and demand for this profile will be about 13%. The remuneration here is quite good. You can expect roughly $137000 to $140000 as your salary.
Conclusion – Import Export Management
There are many such junior and senior designations that international trade has to offer. With huge salaries and great exposure to domestic and international clients and organizations, you have much scope and much to learn. Once you have exposure to international trade, no border is a boundary. When you work in a normal 9 to 5 job, you never know when you will get this exposure. Here you have it daily. And studying today will give you your benefits tomorrow. So grab the opportunity of studying and make the most out of it.
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