Our next look at trade skills which can support your professional development focuses on numeracy: an often-overlooked skill in a digital age, but one which can help you navigate customs processes and transactions with greater ease.
The Chartered Institute of Export & International Trade’s recent report, ‘Seven Skills for Success in Global Trade’, highlighted the advantages of strong numeracy skills, with expert insight from international trade legislation senior advisor, Garima Srivastava.
Multiple advantages
The report begins by noting that numeracy underpins one of the three ‘customs pillars’, essential to proficiency as a trade professional: valuation.
Understanding and being able to enact the rules surrounding how an item is valued when sold overseas determines how much import duty is paid and the price of other border charges.
It’s not just a case of saving money on unnecessary charges. Accurate valuation also “ensures you’re not inadvertently committing fraud” by submitting a false valuation in any customs declaration.
Beyond completing customs paperwork, numeracy also supports a key element of international trade: exchange rates. Trade professionals could be converting many currencies depending on the number of suppliers or clients their firm works with.
The report states:
“An instinctive feel for exchange rates, founded on strong numeracy skills, can not only make this easier, but also support you to evaluate existing supply chain costs, supporting sound financial decision making.”
Strong financial decision making also supports career progression, with the report highlighting how strong commercial acumen can be applied to senior areas of responsibility, such as “maximising cost-savings” company-wide and “creating global pricing strategies”.
Expert insight
Srivastava echoed these comments in her own reflections, describing numeracy as a “fundamental skill” within international trade.
Adding to the list of benefits maths ability can bring to the table, she said that professionals with strong numeracy skills can “optimise duty costs, accurately forecast expenses and identify cost-saving opportunities in supply chains”.
This has positive implications across other business spheres, notably compliance, while also “enhance[ing] the financial efficiency of trade transactions”.
Learn more
Srivastava leads the Chartered Institute’s training on valuation, so those looking to brush up on their skills can join her at the new practical workshop on valuation.
The workshop combines tutor-led training with practical activities to be completed with other learners, developing your trade knowledge in a collaborative environment.