Import and export are the key building activities of any country’s economy.
The exchange of goods and services among the countries has been one of the important factors in the world coming together as an inter-connected global village.
Such important transactions are carried out under the expertise and care of import-export professionals, who are entrusted to find the best ways to go about goods exchange at a global scale.
International Import Export internship in Korea gives a good overview of your typical work responsibilities as an import-export specialist.
If you’ve earned or are in the process of earning your business degree, then now is the right time for you to pursue the International Import Export internship in Korea.
5 Advantages Of Doing Import Export Internship In Korea
1. Learn About Typical Job Duties
Import-export specialists bear various responsibilities concerning with shipment management across international borders.
International Import Export internship in Korea will give you a sneak peek into what these responsibilities are.
You’ll learn about providing quality and economical packaging for the shipments, ensuring that shipments comply with custom regulations, tracking shipments from source to delivery, advising clients on issues like duties, tariffs, quotas and insurance, coordinating with custom agents to enable smooth shipment passage, etc.
International Import Export internship in Korea may also offer you exposure to other import-export aspects like goods warehousing and distribution.
The work of an import-export professional is extensive and complicated enough to baffle anyone.
By doing International Import Export internship Korea, you gain a beginner’s advantage, in the form of practical learning about the field, as opposed to jumping into the field unprepared.
2. Understand The Processes Of International Trade
Are you familiar with the three critical components of international trade, price, availability and status?
The process of exporting and importing goods across the countries is not something that’s carried out on a whim or instinct.
Several logical and strategic reasons go into the decision-making process of matters related to international trade.
A part of your International Import Export internship Korea will be about understanding how to take important trading decisions.
What product will be more economical if imported rather than domestically produced? What product should be imported from which country in order for it to have more cachet?
What raw materials are scarce domestically and hence need to be sourced from elsewhere?
International internship in Korea is about figuring out answers to such and more questions related to international trading.
3. Discover The Different Job Roles Available
Because import and export involve a number of transactions and operations at various levels, there are just as many job roles to manage these.
During your International Korea internship, you can discover all the available job types in this field.
This will allow you to select a professional route that’s most personally and financially satisfying for you.
For example you might be interested in solely the import side of things, export side of things, or the shipping process.
Each of us have our own unique strengths and innate qualities. So for instance if you are good at keeping things organized and ordered, you might find your calling as a shipping clerk who oversees the reception and distribution of goods and the inventory maintenance.
Likewise, if your strength is business acumen, then you’ll work well in freight forwarding where you will be taking care of contract negotiations, cost handling and researching transport routes.
4. Acquire Knowledge About Global Markets
An industry like import-export, which is so global in nature, you need to be at least fairly acquainted with the major trade markets of the world.
International Import Export internship in Korea will allow you to learn about the emerging Asia markets, getting you one step closer to becoming a knowledgeable professional of the industry.
A major part of your internship will involve doing extensive market research, delving into questions like to whom you’re selling your products, how and why you’re selling the products, what trade channels should be leveraged, and so on.
Through International Import Export internship Korea, you’ll comprehend how to perform the important task of market research and analysis to guide the import-export activities.
5. Make Useful Professional Contacts
To succeed in import-export industry, you need the right knowledge, experience and skills, but along with these obvious requisites you also need a network of reliable professional contacts.
You never know when any of these contacts might come in handy in your work.
While some may help you sell more in a particular market, some others may become customers for your offerings or suggest you people who can potentially become so.
International internship in Korea will put you in a room full of people from around the world. You’ll be free to make professional and personal contacts that you deem fit.
The Import-Export Industry In South Korea
Exports have played a significant role in fueling the growth of South Korea’s economy.
Products like automobiles, electronics, passenger and cargo ships, textiles and steel constitute as major export items of the country.
Other important exports of the country include plastics and plastic articles, iron and iron articles, organic chemicals, optical equipment, medical apparatus, machinery such as computers, and electrical machinery.
The country’s import market has gone under major liberalization in the past few years. For instance, a major chunk of South Korea’s ore and minerals are sourced from other countries.
The major imports consist of oil, crude petroleum, petroleum gas and other chemical goods.
As of 2016, Korea’s top 10 export partners were China, USA, Hong Kong, Vietnam, Japan, Singapore, Taiwan, India, Mexico and Marshall Islands, and its top 10 import partners were China, Japan, USA, Germany, Taiwan, Saudi Arabia, Australia, Vietnam, Qatar and Russian Federation.