There are plenty of benefits to pursuing a career in international trade. For one, the career paths available to you are numerous and diverse. Depending on your interests, you may find a career in global business management, global marketing, supply chain management or trade finance. The options for where and who you work with can be just as varied. You may work with traders, trade centres, governments, and businesses around the world.
Additionally, particularly in British Columbia, the trade market continues to see steady growth. The latest international merchandise trade report from Statistics Canada shows record numbers in 2021 with total imports at $57.7 billion and total exports at $53.9 billion.
With record numbers in the trade market and a career path full of diverse opportunities, it’s easy to see why someone would be interested in a career in international trade. But, what about the advantages or benefits in general? What are the wider implications of international trade?
That’s exactly what we will explore as we look at 7 key benefits of international trade.
- More Job Opportunities
Beyond the job opportunities available in a career in international trade, the industry helps to generate jobs as companies expand their available markets. As the available market grows and market share increases, naturally manufacturing and service capabilities expand as well. The end result is more job opportunities are available for the working class.
- Expanding Target Markets & Increasing Revenues
As mentioned in the previous benefit, more jobs are created when companies expand their target markets and demand increases. Beyond job creation, a larger target market allows companies to run production without the fear of overproduction as any excess products produced can be sold internationally. Each country a business adds to their list opens up new potential for business growth and increased revenue.
- Improved Risk Management
In addition to a larger target market size, international trade offers the opportunity for market diversification. When a company focuses only on the domestic market, there is increased risk from economic downturns, environmental events, political influence, and many more risk factors. By becoming less dependent on a singular market, companies reduce the potential risks associated with their core market.
- Greater Variety of Goods Available
Trading internationally provides consumers and countries with the opportunity to purchase goods and services that are either not available or more expensive to produce in their own countries. A simple trip to a local supermarket or electronics store will quickly demonstrate the impact of international trade.
- Better Relations Between Countries
The economic interdependence of countries that results from international trade can lead to strong relationships of cooperation in other areas. When countries engage in a substantial amount of trade, they are more likely to avoid other areas of conflict between the nations.
- Enhanced Company Reputation
Trading globally can provide a boost to a company’s reputation within the international market. When a company has success doing business in one country, it can significantly influence the success of that company in neighbouring and nearby countries as well. While difficult to quantify, the rise in company credibility can have a huge impact when targeting an entire region as opposed to singular countries.
- Opportunities to Specialize
By participating in international markets, companies may be presented with opportunities to specialize in a particular area to serve a particular market. When countries cannot efficiently produce a good or service, they can seek to acquire it through trade with another country. These opportunities to specialize often lead to greater efficiency in production, higher levels of innovation, and increased quality of development. This may provide companies with a long-term competitive advantage and growth in terms of their global market share.
The benefits of international trade are all around us. When you go to the store and pick up some coffee or wine from South America for example, you are directly experiencing the benefits of international trade. The same applies when you are browsing social media apps on your cell phone or streaming your favourite movie or tv show on your laptop.
Beyond the modern conveniences of technology and the delicious food and drink imported from around the world, international trade creates job opportunities, contributes positively to the economy, offers multiple paths for companies to grow, and even helps to improve relationships between countries.
Interested in an International Trade Career?
If you are interested in a career in international trade, Brighton College may be right for you. Brighton College offers several international trade courses and programs focused on the development of skillsets in global logistics, marketing, supply chain management, and finance. Whether you choose to pursue a diploma or earn a certificate, Brighton College has industry-ready options for you.
To find out more about enrolling in and obtaining certification from an international trade program, fill out the form below.