International trade is the lifeline of the economy of the modern world.
Each country has its own sets of abundances and deficits that it tries to leverage and bridge respectively through export and import activities.
A career in import and export can never go out of opportunities for the very reason that the field is always in strong momentum.
Working for an import/export based business will allow you to explore this important economic activity in depth from a career perspective.
A great way to accomplish this would be to pursue an international import-export internship in Singapore this summer break.
Amazing Facts About Import Export Market In Singapore
Singapore is one of the most sophisticated and advanced economies of the world, and it's certainly at the forefront when it comes to domestic and international trading activities.
Let's look at some of the interesting facts about the import and export industry of this country:
In 2014, Singapore's total trading transactions amounted to S$982 billion. While the imports amounted to $464 billion, the exports amounted to $519 billion.
The chief export products of Singapore include food and beverages, transport equipment, petroleum products, chemicals, electronic components, telecommunication equipment, and textiles.
The chief import products of Singapore comprise of aircraft, chemicals, food and beverages, crude oil, petroleum products, iron and steel, motor vehicles, electronic components, etc.
The corruption-free bureaucracy, cutting-edge infrastructure, and qualified workforce have led more than 3000 multinational corporations from USA, Japan, and Europe to invest in Singapore. The MNCs are a major contributor in the manufacturing output and direct export sales of the country.
The major export markets of Singapore are Malaysia, USA, China, Indonesia, and Hong Kong. The chief import sources of Singapore are Malaysia, China, USA, Japan, and South Korea.
Trading activities are among the foundation pillars of Singapore's prosperous economy. Being majorly a free port, more than 99% of the imports arriving in Singapore are duty-free. Most of the imports in Singapore are actually planned to be re-exported.
Singapore can be deemed as a gateway into the ASEAN region. It has the world's 2nd busiest container port and is well-connected with more than 600 ports in over 120 countries.
To keep in tandem with its reputation of being business-friendly, Singapore also has clearly laid out regulations and procedures to oversee its import and export activities for ensuring efficiency and results.
International import export internship in Singapore is an excellent chance to learn about international trade in a country that has a special niche in the same.
Singapore is a powerhouse when it comes to import/export, and with an international import-export internship in Singapore, you can garner valuable knowledge in the area.
5 Things You'll Take Away From Your Import Export Internship In Singapore
Import/export field is diverse, consisting of different types of job roles catering to different aspects of the field.
The kind of work that you'll get to do during your international import-export internship in Singapore will depend on the company that you're interning with.
But here are a few things that you will definitely get to learn during the course of your international import-export internship Singapore:
Collaborating with various stakeholders that come into the picture at different stages of the import/export process, such as warehouses, shipping companies, customs agents, and end-clients.
Maintaining a relationship of trust and reliability with various clients spread across the globe.
Tracking shipments, as well as documenting shipments and ensuring that everything is in accordance with the customs laws and regulations.
Investigating and researching the demand for products that can be exported to fulfill the needs of foreign markets, or the demand for products that can be imported to fulfill the needs of local markets.
Negotiating or discussing with different stakeholders to solve issues and ensure smooth workflow progress.
5 Tips To Consider For Your International Singapore Internship
If you love a good challenge, international import-export internship Singapore is going to be right up your alley.
Getting the chance to do one can be an incredibly rewarding experience of your life, both professionally and personally.
When you do land an international import-export internship Singapore, make it a point to give it everything that you can so that you get the most out of it in return for yourself.
Here are some tips that you should keep in mind to complete your international import-export internship in Singapore with grand success:
Be clear in advance about what particular area of import/export field interests you the most. This is so that you remain aligned with your primary international Singapore internship goals. However, you should still keep your mind open to other learning opportunities that come across your way during the internship. You may find your interest shifting to another area altogether.
Study up about the common workplace culture prevalent in Singapore. This includes learning about general work ethics, formal greetings, dressing etiquette, appropriate workplace behavior, among many other things. Through an international internship in Singapore, you can not only learn much about import/export but also about a foreign work culture.
Keep your professional mode switched on throughout your international Singapore internship, and not just for the initial few days. This means staying committed to your work responsibilities and complying with the expected conduct till the very last day of the internship.
Set aside some personal goals for yourself that you hope to accomplish by the end of your international internship in Singapore. For example, one of these goals could be to gain practical knowledge and proficiency in a specific area of the field that you think is important. But these goals don't have to be only work-related. They could also pertain to what all you wish to see and do in Singapore, or how much of professional networking you want to get done.
Find yourself a mentor in the company, if you're not assigned one already by the company. Shadowing a mentor figure is an effective way to learn about a field that you're new to. Look for someone who is knowledgeable, experienced, and most of all is inclined to share all that knowledge and experience with a newbie like you.