International business in Maine is driven largely by a number of small- and medium-sized companies that take advantage of the state’s unique location in the northeastern corner of the U.S. to export niche products around the world. In FY 2014, Maine’s top exports ranged from food products to energy sources, signaling the state’s diverse global economic efforts.
Among Maine’s top exports to foreign markets in 2014 were:
Food
- Lobsters, $349 million
- Salmon, $34 million
- Sea urchins, $24 million
- Fresh blueberries and cranberries, $22 million
Gas and Oil
- Natural Gas, $210 million
- Crude Oil, $66 million
Manufactured Products
- Civilian Aircraft, Engines, and Parts, $98 million
- Electronic Integrated Circuits, $70 million
- Paper, $57 million
To facilitate international trade and commerce, Maine-based companies rely on international marketing managers, foreign regulation specialists, and import/export coordinators among many other international business professionals familiar with conducting business in foreign markets.
In FY 2014, Maine-based companies exported roughly $1.5 billion in goods and services to Canada, 54.4% of the state’s total international exports. The state also exports goods to a number of Asian and European markets. The top markets within Europe and Asia included:
- China, $184 million
- Malaysia, $105 million
- Japan, $98 million
- Netherlands, $64 million
- South Korea, $61 million
- United Kingdom, $59 million
Degree Options for a Career in International Business
Undergraduate and graduate degree programs in international business prepare students for opportunities in an increasingly global economy. A number of schools of international business located in Maine allow students to earn their bachelor’s or master’s degree online, either exclusively or in combination with on-site coursework.
Graduates of these programs often go on to fill positions in international trade and commerce that include:
- Business development director
- Import/export coordinator
- International lawyer
- Product manager
- International economist
- Trade analyst
- Supply chain manager
- Financial controller
- International accountant
- Advertising executive
- International trade and customs manager
- Wholesale buyers
Bachelor’s Degrees in International Business
By preparing students in areas such as marketing, international regulations, and foreign languages, bachelor’s degree programs serve as an invaluable stepping stone for aspiring international business professionals. Among the undergraduate degrees available to international business majors are:
- Bachelor in Business Administration (BBA) in International Business
- Bachelor of Science (BS) in Business with a Global Management Concentration
- Bachelor of Science (BS) in Business Administration with an International Business Focus
- Bachelor of Science (BS) in International Business
- Bachelor of Science (BS) in International Hospitality and Tourism Management
- Bachelor of Arts (BA) in International Relations and Diplomacy
- Bachelor of Arts (BA) in International Economics
Just some of the course offerings found within these programs include:
- International Human Resource Management
- Global Marketing
- International Monetary Relations
- Hazardous Materials Management
- Global Business Strategy
- International economics and finance
- Strategic Management for the Multinational Enterprise
- Exploring International Business
- Business Statistics
- Business Processes and Supply Chain Management
Master’s Degrees in International Business
Master’s degrees in international business give students the opportunity to advance to high-paying careers in upper-level management and executive positions. Examples of master’s degrees available to international business majors include:
- Master of Science (MS) in International Business
- Master of Business Administration (MBA) in International Business (MBA)
- Master of Arts (MA) in International Relations and Diplomacy
- Master of Science in International Management (MIM)
Master’s degree programs can be selective in their admission process. Many schools require students to possess a 3.0 GPA or higher during undergraduate studies, and some schools require applicants to possess up to four years of professional business experience. Other common qualifications include strong scores on the GRE and GMAT exams and prior coursework in foreign languages, finance, and/or economics.
For many aspiring international business professionals, a deciding factor in choosing a master’s degree program is the career-specific preparation they can receive as a part of the program. In addition to varying degree types, many schools offer fields of study and areas of specialization that allow students to focus their studies in a particular area of interest. Just a few of these specialized areas of study include:
- Development Economics
- International Environment and Resource Policy
- International Information and Communication
- Human Security/Comparative Politics
- International Business Relations
- Humanitarian Studies
- Public International Law
Examples of courses found in these programs may include:
- Accounting for Profit, Nonprofit, and Government Organizations
- Foundations in Financial Accounting and Corporate Finance
- Petroleum in the Global Economy
- International Business Transactions
- International Financial and Fiscal Law
- Communications Policy Analysis and Modeling
- Data Analysis and Statistical Methods
- Marketing Management
- Strategic Brand Marketing
- Mergers and Acquisitions: An International Perspective
Maine’s Contribution to International Trade and Commerce
While Canada remains Maine’s top export destination, companies in Maine also export heavily to Asian markets. China in particular has become a popular destination for Maine’s food exports such as lobster and blueberries, thanks to the nation’s rise in middle class professionals who can afford overseas food products. To keep up with the worldwide demand of exports, Maine companies rely on business professionals with global expertise. Examples of these companies and professionals include:
- Wyman’s of Maine, a frozen fruit and berry company, exports to nations around the world, accounting for 15% of the company’s total profits. The company employs a director of sustainability to ensure proper compliance with global import and export regulations. By meeting these regulations, the director assures Wyman’s meets global sustainability expectations from customers.
- Idexx Laboratories is a multinational corporation that manufactures items and performs various services related to water testing, dairy products, poultry, and more. The company has a market cap of roughly $7.4 billion, the highest of any public company in Maine, and employs some 5,500 professionals in over 60 worldwide locations. To ensure the proper management of such a large corporation, multinational managers are needed to oversee employees and operations in different parts of the world. Additionally, supply chain managers and import/export coordinators facilitate communication between Idexx Laboratories and markets around the world who conduct trade with the company.
A number of Maine’s governmental departments and private organizations work to help businesses in the state gain access to and collaborate with international markets. These organizations include, but are not limited to: