International Trade and its growing importance into the future
International trade is the exchange of capital, goods and services between countries. Along with mankind history, international trade has given consumers and countries more choices of new markets and products. As the world has become more and more connected thanks to technologies, international trade plays such an important role economically, socially and politically.
How international trade impacts on economies
In 2017, world trade was $34 trillion, which is a 10.5% growth. One-quarter of trade was in electrical machinery, computers, nuclear reactor parts and scientific instruments; while automotive contributed 9%, and 19% included commodities like old, iron and diamonds.
International trade contributes about 27 percent to the global economy. And this number is growing.
Globally, millions of jobs depend on international trade. Exports not only create more jobs, but also train companies to be more competitive and efficient in producing for foreign markets. At the same time, imports helps reducing prices for consumers, with a wider variety of imported goods and services. More choices mean more competition, and hence each and every company improves its efficiency to stay in the race.
Choosing your career in International Trade
Trade opening tends to increase wages and employment, but not all workers benefit, as regional and individual differences determine how widely gains are shared. Trade increases the demand for skills and can accelerate structural change. And this could mean more opportunities for high-skilled workers, who are ready to take on International Trade as their global career.
As a career, International Trade offers you the opportunity to be a constant learner, to work in a changing environment, and to face challenges that enable you to make a real impact on the company or organization you are in. But what do you study when you study International Trade?
Choosing the right course for the right pathway
International trade and offshoring, like technology, can change the employment structure across skill levels by changing the demand for skills. A global career requires a global skill set.
A degree in International Trade is considered a high standard program, focusing in international economic and commercial relations. Such a course is carefully designed for young professionals and diplomats, with a comprehensive introduction to practical aspects of:
- successful trade promotion and trade relations techniques
- an understanding of the role of the major international trade organizations in setting policy and standards that govern global trade
- knowledge and skills to assess major trade issues, draft policy documents and negotiate for government, international organization or corporate sector.
- mastering the skill of economic & commercial decision making, current and future trade issues and developments.
- insights into world trade, international finance and trade promotion strategies from national and regional to global level.
What course should you take? What study package should benefit you the most?