Brokers play a vital role within the industry of international business, moreover, it is what underpins the activities of the CRT in terms of our role to regulate the industry mechanisms, therefore a solid understanding of what is involved industry wide is essential.
Essentially the role of the broker or trader amounts to acting as an intermediary between importers and exporters, and in return is paid a commission fee for each deal. Brokers help local manufacturers reach a global market in situations where the manufacturer would have a difficult time selling internationally on its own.
Therefore, brokers must be knowledgeable of various factors including market trends – what products are available and what products are needed – in order to make a profitable connection between buyer and seller. It is also important that agents are aware of trade policies, regulations and laws in not just one, but multiple countries, together with a robust understanding of global economics and politics are essential.
Most work can be done on a computer, but as a negotiator, you need to be a good communicator and problem solver as well. Brokers also organize the delivery of goods and supervise the activities in both the shipping and receiving ends for deals. In addition, they oversee the assessment of import and export taxes and the supplying of permits.
Working in this field offers the opportunity to make a significant income, but you can still operate your business from home, and keep overhead very low. If you are interested in getting started as an import-export agent, it is wise to first get educated and take an import export course to gain the skills you need to be successful, the CRT is here to assist you develop your skills, provide the tools to succeed through our professional education and accreditation programs.
Broker intermediaries can earn a lucrative income, generally around 10% commission on deals. Generally, brokers are responsible for tasks like drawing up contracts, securing freight and negotiating trade prices.
Brokers need to develop leads of companies to work with. To do this, many agents join trade organizations to make contacts and network with as many people in the field as possible. The CRT can assist as part of our wide array of tools to develop the professional broker into a successful individual or even into an SME.
First impressions make a big impact in any field, but in the international trade business, the first impression can often be made via email, telephone or letter. Therefore, it is important that agents have professional letterhead and a well-designed company logo. Importers and exporters prefer to do business with people they can rely on and trust, and a professional image can say a lot about a company or an individual.