Why Pursue a Master in International Trade?
21 March 2022
Is pursuing a Master in International Trade one of your goals for this year? Learn everything you need to know about it, from what international trade is, to what you can do with a Master’s degree in this field, and much more.
The business world is highly competitive. As such, professionals working in business should be constantly updating their knowledge and acquiring new skills if they want to stay relevant and be able to stand out in this competitive world.
Business people who are interested in expanding their scope to reach international markets should consider pursuing a Master’s degree in International Trade. Below is everything you need to know about International Trade and where you can study for this master’s degree.
International Trade: What is it?
International trade is the field in charge of the exchange of capital, goods, and services between different countries to meet the need or want of goods and services.
International trade is mainly cooperation between countries, since it makes it possible for countries to get goods they can’t produce themselves from other countries and, in turn, they can offer their own goods and services to other countries. This way, every country can benefit from each other.
Master in International Trade: What will I learn?
Students pursuing a Master in International Trade acquire a deep understanding of the international trade environment and develop highly demanded skills in the analysis of trade databases, the identification of export opportunities and the estimation of economic models.
A Master in International Trade also provides students with an insight into the export process/logistics through the use of present-day applications.
What does an International Trade Graduate do?
With a Master in International Trade, professionals are ready to perform the typical tasks needed in International Trade, including the following:
- Formation and development of foreign trade associates;
- Compilation of policies, standard principles and regulations of trade goods and commodities;
- Analysis of data on various international or global merchandising, selling and sales styles.
- Optimisation of business growth possibilities in other nations;
- Observation of the merchandising or sales investigations and their results;
Why is International Trade Important?
International Trade is the field that makes it possible for countries to expand their markets that otherwise may not have been available domestically. This expansion of the market, in turn, brings about other benefits:
- The market is more competitive.
- More competitive pricing.
- The consumer gets cheaper products.
- The quality of the products increases in order to keep competing.
- Living standards are raised.
- Employment rates increase.
- Customers are able to enjoy a greater variety of goods.
International trade is important mainly because of the following reasons
The production process of high-value-added products, such as cars, is often split into a global production system. This means trade enables a product to have several country sources.
The productive process for a car is global, since the engine may come from a country different from the one tyres come from. The same happens with the design of the car and the marketing strategies put in place to market the car.
Use of raw materials
International trade makes it possible for some countries that have abundant raw materials but aren’t able to turn them into finished goods to trade those raw materials with countries that have the ability to process them.
Greater choice for consumers
A major benefit of international trade is the fact that consumers have a greater choice of products available to them. This way, they have a wider variety of products, brands and qualities, depending on their needs and wants.
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