Unveiling the Economic Impact of Technology Trade in Leading Global Economies

Cetulean Maxim () and Tănase Laurențiu-Mihai ()
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Cetulean Maxim: Bucharest University of Economic Studies, Bucharest, Romania
Tănase Laurențiu-Mihai: Bucharest University of Economic Studies, Bucharest, Romania

Proceedings of the International Conference on Business Excellence, 2024, vol. 18, issue 1, 2706-2718

Abstract: In today's rapidly evolving technological era, high-tech trade is not just a part of international commerce but a key factor that shapes the economic landscapes of nations. The objective of this paper is to analyze how technological innovation, as represented by high-tech exports, contributes to economic growth and to identify the disparities in economic progress among countries with different levels of integration into the global high-tech market. This paper focuses on the importance of high-technology trade in economic development. Specifically, it aims to establish a connection between technology-intensive exports and Gross Domestic Product in three major global economies: China, the United States, and the European Union. The study's empirical evidence strongly supports a notable association between high-technology exports and the growth of gross domestic product, thereby reaffirming the crucial role of technological trade in enhancing economic development. Furthermore, the analysis provides additional insight by highlighting those economies with extensive involvement in the global high-technology market experience superior economic growth. This underscores the vital significance of technological innovation and trade integration in attaining a competitive advantage in the global economic landscape. This study adds to the existing literature by providing empirical evidence of the economic consequences of technology trade, highlighting the need for policy frameworks that encourage innovation and integration into the global high-technology market.

Keywords: high-technology trade; economic growth; international commerce; innovation; global market (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:poicbe:v:18:y:2024:i:1:p:2706-2718:n:1036

DOI: 10.2478/picbe-2024-0226

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