Foreign Trade Course in India 2023: Best Universities, Eligibility & Job Prospects
- Naief Khatri
- Updated Date: September 18, 2023
Table of Contents
Foreign Trade Overview 2023
Globalization has completely transformed the business scenario in India. Foreign trade in India has tremendously grown, naturally attracting more and more MNCs to set up businesses apart from many Indian companies starting businesses in foreign shores or going abroad  for joint ventures.
There is a growing need of personnel skilled in international trade. A career in international business has thus become a lucrative option offering global job opportunities for those pursuing courses in foreign trade and international business.
Foreign trade courses are designed to equip students with the knowledge and skills needed to pursue a career in international trade. These courses typically cover a wide range of topics, including:
- International trade theory and policy
- Export and import procedures
- Foreign trade regulations and compliance
- International marketing and sales
- Logistics and transportation
- Trade finance
- Cross-cultural communication
Read:Â Career in Diary Management
Foreign Trade Eligibility Criteria
Universities in India mostly offer courses in International Business and Foreign Trade at the post graduate level, but some universities like the Jamia Millia University in New Delhi offers Bachelor of International Business and Finance (BIBF) which is an undergraduate course.
The eligibility for undergraduate courses in International Business and Foreign Trade is 10+2 with 50 % marks. For Masters in International Business and Foreign Trade, the applicant must be a graduate, preferably in commerce.Â
Selection of candidates is done through entrance examination, but some institutes conduct their own tests, group discussion and a personal interview for choosing the right candidate.
Foreign Trade Course Entrance Exam 2023
Here is a list of foreign trade courses entrance exams in India in 2023:
- Indian Institute of Foreign Trade (IIFT) entrance exam
- Common Admission Test (CAT)
- Management Aptitude Test (MAT)
- Graduate Management Admission Test (GMAT)
- XAT
- Institutional entrance exams (offered by individual colleges and universities)
Foreign Trade Skills & Attributes
Foreign trade professionals play a vital role in the global economy, helping businesses import and export goods and services. To be successful in this field, it is important to have a strong combination of skills and attributes, including:
- Knowledge of foreign trade regulations and procedures:Â Foreign trade professionals must be familiar with the complex regulations and procedures that govern international trade. This includes understanding tariffs, quotas, import and export licenses, and other trade barriers.
- Strong analytical and problem-solving skills:Â Foreign trade professionals must be able to analyze complex data and solve problems quickly and efficiently. They must also be able to think critically and make sound decisions under pressure.
- Excellent communication and interpersonal skills:Â Foreign trade professionals must be able to communicate effectively with a variety of stakeholders, including customers, suppliers, and government officials. They must also be able to build and maintain relationships with clients and partners.
- Ability to work independently and as part of a team:Â Foreign trade professionals often work independently, but they must also be able to collaborate effectively with others. They must be able to delegate tasks and manage multiple projects simultaneously.
- Fluency in a foreign language:Â Foreign trade professionals often work with clients and partners from all over the world. Fluency in a foreign language, such as English, is essential for effective communication and collaboration
Foreign Trade Job Prospects 2023
International trade in India is expanding along with the fast growing Indian economy. Job opportunities are countless with an increasing  demand for professionals in International Business and Foreign Trade. Job openings are available in export units, international departments of multinational companies at different levels. For those who desire to set up an import/export business, a degree in International Business and Foreign Trade would be extremely beneficial.Â
According to a recent report by the Ministry of Commerce and Industry, the foreign trade sector is expected to grow at a rate of 10% per year over the next five years. This growth is being driven by a number of factors, including the increasing demand for Indian goods and services in the global market, the government’s focus on promoting exports, and the growing popularity of e-commerce.
For those wanting to secure government jobs, regulatory bodies like STC and the MMTC offer good employment opportunities.
Some of the most in-demand foreign trade jobs in India include:
- Export manager
- Import manager
- Customs broker
- Trade finance specialist
- International marketing specialist
- Logistics and transportation specialist
- Foreign trade policy analyst
Foreign Trade Salary 2023
The average salary for foreign trade professionals in India in 2023 is ₹12,67,924 per year. However, salaries can range from ₹3,00,000 to ₹50,00,000 per year, depending on a number of factors, including experience, qualifications, and the type of company an individual works for.
Experienced foreign trade professionals with specialized skills and knowledge can earn even higher salaries. For example, a foreign trade manager with 10+ years of experience can earn a salary of ₹20,00,000 or more per year.
Here is a breakdown of the average salary for foreign trade professionals in India in 2023 by experience level:
- Entry-level: ₹3,00,000 to ₹5,00,000 per year
- Mid-level: ₹5,00,000 to ₹10,00,000 per year
- Senior-level: ₹10,00,000 to ₹20,00,000 per year
- Executive-level: ₹20,00,000 or more per year
Foreign Trade Institutes/Universities
| College Name | Place | Fees (INR) | Duration (years) |
|---|---|---|---|
|
Indian Institute of Foreign Trade (IIFT) |
New Delhi, Kolkata, Mumbai |
₹21,77,000 |
2 years |
|
Symbiosis Institute of International Business (SIIB) |
Pune, Bengaluru, Hyderabad |
₹21,73,000 |
2 years |
|
NMIMS School of Business Management (NMIMS SBM) |
Roorkee, Uttarakhand |
₹19,35,000 |
2 years |
|
Xavier Institute of Management (XIM) |
Bhubaneswar |
₹19,25,000 |
2 years |
|
SP Jain Institute of Management and Research (SPJIMR) |
Mumbai |
₹31,25,000 |
2 years |
Foreign Trade Management Institutes in Major Cities
Foreign Trade Management Institutes in Various States
FAQS
“India’s foreign trade (exports and imports of merchandise and services) reached USD 800.9 billion during January-June 2023, exhibiting a decline of 2.5 per cent over the same period last year (January-June 2022),”
You can pursue various overseas jobs without experience that allows you to travel to new places while improving your professional and industrial knowledge. You can narrow your job search and take the next step toward working abroad by reviewing the types of overseas jobs you can apply for without prior experience.
They work with foreign Government trade offices in order to maximise business opportunities in other countries on behalf of a client or trade partners, Monitor market analysis and financial indicators for foreign markets and update supervisor regarding current activities, plans, strategies, progress and roadblocks
- Bachelor’s degree in International Business, Economics or related field.
- Minimum of 3 years of experience in international trade.
- Expert knowledge of international trade laws and regulations.
- Experience in managing import/export procedures and documentation.
- Fluent in at least two languages, including English.
- In India, a fresher’s in MBA in Foreign Trade are offered anywhere between 2 to 5 lakhs per annum and this will increase as one gain’s experience. Experienced professionals are paid much higher, around 10 to 15 lakhs per annum.
