7 Key Benefits of International Trade | Brighton College (2024)

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 withtotal 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.

7 Key Benefits of International Trade | Brighton College (1)

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.

7 Key Benefits of International Trade | Brighton College (2024)

FAQs

7 Key Benefits of International Trade | Brighton College? ›

Why is International Trade & Investment Important to the United States? International trade, including exports and imports, supports 39.8 million U.S. jobs – more than 1 in 5. Creating and preserving quality U.S. jobs is a goal shared by all Americans.

What are the benefits of international trade for the US? ›

Why is International Trade & Investment Important to the United States? International trade, including exports and imports, supports 39.8 million U.S. jobs – more than 1 in 5. Creating and preserving quality U.S. jobs is a goal shared by all Americans.

What are the benefits of international trade class 11? ›

Advantages of International Trade
  • It provides access to a wider range of goods and services from other countries.
  • It allows the country to obtain goods that it does not manufacture.
  • It aids in the promotion of peace among trading nations.

Why study international trade? ›

There are many career opportunities in international trade, as it is a field that covers very diverse areas: import and export trade operations, investment and international project consultancy, global management strategies, market research, etc.

What are 4 benefits of international trade? ›

10 benefits of international trade
  • Increased revenues. ...
  • Decreased competition. ...
  • Longer product lifespan. ...
  • Easier cash flow management. ...
  • Better risk management. ...
  • Benefiting from currency exchange. ...
  • Access to export financing. ...
  • Disposal of surplus goods.
Aug 30, 2023

What are three 3 advantages of international trade? ›

The benefits of international trade for a business are a larger potential customer base, meaning more profits and revenues, possibly less competition in a foreign market that hasn't been accessed as yet, diversification, and possible benefits through foreign exchange rates.

What are the benefits of international business? ›

Benefits of International Business

So, countries can choose the goods they produce efficiently with their own resources and import the rest of the goods. Improving Growth Prospects and Employment Potential: Through external trade, countries can increase their production capacity to supply goods to foreign countries.

What are the advantages and disadvantages of international trade? ›

This trade may result in a wider variety of products and services available to domestic clients. It permits development and growth while eliminating the risks associated with internal R&D. There are certain disadvantages to trading. Instead of importing products and services, a country can profit by exporting them.

What are the benefits of international trade quizlet? ›

Benefits of international trade: Consumers benefit with high-quality goods at lower prices. Producers improve profits be expanding their operations. Workers benefits with higher employment rates.

Is international trade a good degree? ›

Provides desirable skills

Attending an international trade degree program prepares students for multiple careers in the international trade sector. Students develop desirable skills such as communication, problem-solving and project management, all of which transfer to other industries and careers.

What do you study in international trade? ›

Specific topics covered in international business courses include trade theory, global supply chain management, negotiations, diplomacy, international investment and import and export strategies.

Is international trade hard? ›

Compared to other majors, international business can be considered moderately difficult. It's not as intense as some STEM or pre-med majors, but it does require a broader skillset and knowledge base than some other humanities majors.

What are the 5 ways to international trade? ›

Essential Tips for Successful International Trade
  • Market Research: ...
  • Build Strong Relationships: ...
  • Understand International Laws and Regulations: ...
  • Adapt to Local Cultures: ...
  • Mitigate Currency Risks: ...
  • Export and Import Data: ...
  • Embrace Technology: ...
  • Prioritize Quality and Standards:
Jul 21, 2023

What are the three types of international trade? ›

So, in this blog, we'll discuss the 3 different types of international trade – Export Trade, Import Trade and Entrepot Trade.
  • Export Trade. Export trade is when goods manufactured in a specific country are purchased by the residents of another country. ...
  • Import Trade. ...
  • Entrepot Trade.

References

Top Articles
Latest Posts
Recommended Articles
Article information

Author: Saturnina Altenwerth DVM

Last Updated:

Views: 5393

Rating: 4.3 / 5 (44 voted)

Reviews: 83% of readers found this page helpful

Author information

Name: Saturnina Altenwerth DVM

Birthday: 1992-08-21

Address: Apt. 237 662 Haag Mills, East Verenaport, MO 57071-5493

Phone: +331850833384

Job: District Real-Estate Architect

Hobby: Skateboarding, Taxidermy, Air sports, Painting, Knife making, Letterboxing, Inline skating

Introduction: My name is Saturnina Altenwerth DVM, I am a witty, perfect, combative, beautiful, determined, fancy, determined person who loves writing and wants to share my knowledge and understanding with you.