U.S. International Trade in Goods and Services is on the move, as indicated in the January 2019 report generated by the US Department of Commerce’s Bureau of Economic Analysis.
Forecasting of trades in goods and services determines the projected value of a change in ownership of material supplies and services between one economy and other economies. Projections are evaluated on an estimation of the economic climate in countries and the world marketplace, applying an aggregate of model-based analyses and expert knowledge. The indicators include net trade, imports and exports, and export exchange growth. Net trade is the cost of commodities minus the rate of imports. Export market germination measures the need for a country’s exports formed as a weighted average of import growth in all export targets using export shares as weights. This indicator measures the USD for net trade, the yearly growth pace for exports and imports and USD.
News organizations such as CNN and Reuters have been aligning to declare English as the “language of international business.” The Harvard Business Review recently wrote an article named “Global Business Speaks English,” declaring brazenly in the first sentence that, “Ready or not, English is now the global language of business.”
For native English-speaking and non-native English-speaking businesspeople alike, it is crucial now more than ever to critically consider what the predominance of the English language signifies for international business.
There is no universal “English.” First, there are a high number of “English’s” used by different groups across the world.
How can businesspeople enhance their cultural proficiency and strengthen cross-cultural business communication skills? The solution is to collect data about the other cultures, learn their viewpoints and beliefs, discover differences in English usage and accommodate communication. Do not forget that the assessments work both ways.
One result of globalization is that multinational enterprises are grappling to properly handle translation and interpretation in international business communications. An analysis was done of language strategies in two multinational corporations where English was made the official corporate language- KONE in Finland and Rakuten in Japan. The conclusions of this research suggested that implementing “English-only” organizational language methods is not helpful for enhancing transnational dialogue and thus this research study makes proposals for alternative approaches.
Chasms in communication or miscommunication with a client can quickly end a relationship. Failed conversation with a supplier or key partner can have severe financial or strategic impacts. Proper translation and interpretation ensure that the messages are accurately and faithfully rendered from the source language to the target languages and back.
International businesses understand that developing their operations means having a workforce that can interact effectively in multiple languages.
How do you overcome the barriers of communicating effectively in an international world? Capital Linguists, the world’s premier, gold standard interpreting agency, in language communications, solves your interpreting, translating, editing and proofreading, website localization, language training, desktop publishing, state-of-the-art fixed and mobile interpreting equipment, project management, and on-site technical support requirements. Capital Linguists brings its expertise to bear in the most sophisticated arenas; at bilateral summits, highly important negotiations, international conferences, and more. Capital Linguists’ teams consist of certified, accredited, and credentialed native linguists with extensive subject matter expertise across a broad spectrum of industries. Their translators have an excellent understanding of tone and register in their working language pairs.
Emphasis on high-quality and appropriate language services is critical to your business model. The reason is that subpar interpretation or written translation can make or break a deal or an important business relationship.