Studies & Degrees in Foreign Trade
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Foreign Trade, as the name implies, is simply the worldwide exchange or trade of goods and services between countries. Goods, in Economics, can pertain to finished products, “intermediate” goods (meaning those products that are further used in a process to manufacture another product,) rootcrops, grains, and other agricultural products, gadgets and parts, fabric, and a lot of various others. Foreign or “international” trade makes it possible for a nation to focus on those goods it can produce efficiently and hence, make the most profit from in the international market. Trade also allows nations to consume what it cannot produce on its own. For example, tropical fruits are not available in some countries but are abundant in others. Hence, tropical countries gain a considerable amount of revenue by trading such products. This international mechanism also enables a country to expend more than it naturally would if it depended only on its own resources. Such goods like oil, a product that is practically used up anywhere in the world, but is however found only in certain places of the world particularly in the Middle East, would be a good example. Furthermore, trade enlarges not only the potential market of nation but also, generally, creates pleasant relationships between the participating countries. Foreign Trade has always played a major role in terms of economy and hence, plays a crucial part in defining nations.
Although trade was an integral part of a financial system, as early as the medieval period, it only acquired a different essence sometime after the year 1500. Foreign trade emerged as Europe broadened its perimeter with colonies. Trade became an integral part of this empire because it served as an arm of governmental or legislative policies. In other words, trade facilitated control. In the early years, the strength and affluence of a country was based on the amount of goods it possessed, particularly, at that time, silver, gold and other valuable metals. International trade began to obtain its present significance after the formal establishment of nation-states sometime during the 17th and 18th centuries. From then, trade has been seen as a system of increasing a nation’s wealth and, to some extent, power.
Foreign Trade involves a lot of laws and restrictions since it is but logical for every country to have control over one’s own resources and interests. Policies vary from country to country and are designed to respond systematically to another nation’s specifications on trade. Basically, a balance of trade is the aim of every country. This means that the nation exports (sells out) more than what it imports (takes in).
The Foreign Trade program is designed to train students to become acquainted to public relations skills, languages, economic theories, and laws, among others. This combination of training is exactly why the Foreign Trade program provides students with an advantage, specifically in locations where a strong need for analysis and people skills are required. Most graduates of this program go into banks, as foreign exchange offices, while some move onto government agencies that deal with international affairs and the like. Other graduates choose to pursue export management.