Role of Technological Advancement on International Trade of Bangladesh (Research Paper Sample)

Role of Technological Advancement on the International Trade of Bangladesh
Summary:
This study examines the connection between global commerce and technological innovation. The export and purchase of products and services between countries to suit the needs of their people is known as international commerce. Advances in technology have an impact on international commerce in several ways. They enable international commerce between countries that have and don't have the technology to do so. As a result, they aid in the development of global industrial networks by facilitating worldwide communication and encouraging improvements in international commerce. It is used to examine the impact of technical variables on sectoral exports using a trade gravity model Currently, Bangladesh's foreign commerce is worth more than $80 billion dollars annually. With a budget of roughly 70 billion dollars, up to 20 of those dollars are earmarked for technological research and procurement by the Bangladesh government. In order to join the elite group, both public and private sector procurement must act as catalysts for technological advancement and innovation.
Table of Contents TOC \o "1-3" \h \z \u Summary: PAGEREF _Toc84011528 \h 1Introduction: PAGEREF _Toc84011529 \h 3Literature Review: PAGEREF _Toc84011530 \h 4Objective of the study: PAGEREF _Toc84011531 \h 4Methodology of the study: PAGEREF _Toc84011532 \h 5Sourcing of Data PAGEREF _Toc84011533 \h 5Observation PAGEREF _Toc84011534 \h 5Analysis of Technology & International Trade: PAGEREF _Toc84011535 \h 5Export PAGEREF _Toc84011536 \h 6Import PAGEREF _Toc84011537 \h 7Findings and Discussion PAGEREF _Toc84011538 \h 8Conclusion: PAGEREF _Toc84011539 \h 10References PAGEREF _Toc84011540 \h 11
Introduction:
A country's international commerce relies heavily on technology, and both technology and international trade are well understood concepts. There are many different ways in which countries throughout the world trade goods and services with each other. International commerce allows nations to sell their own products and services to other countries. A large part of this commerce is due to the fact that different countries have an edge over one another when it comes to producing certain goods. These advantages provide the basis for the globalization of the labor market (production location). Organizations' capacity to do more with less resources while still delivering superior results is steadily increasing thanks to technological developments. AI, big data, and the Internet of Things (IoT) all work together to construct algorithms that companies may use to speed up the flow of items from export to import. It may be possible to gain more efficiency and responsiveness in international commerce with the use of sophisticated technology (such as Big data and AI) in order to use fewer personnel, access the global market more quickly, and reduce expenses (Kathleen M. Wilburn, 2018).
With a budget of roughly 70 billion dollars, up to 20 of those dollars are earmarked for technological research and procurement by the Bangladesh government. In order to meet rising domestic demand and support the government's export-led economic strategy, the private sector must follow the example of the public sector and participate in R&D. Currently, Bangladesh's foreign commerce is worth more than $80 billion dollars annually. There are four times as many resources available for R&D from private sector sources as there are from public sector sources. Government procurement and private enterprise must be technology and innovation accelerators in order to join the elite club (Karim, 2021).
International commerce fosters creativity, technological advancement, and efficient production by exposing people to new products and enabling them to acquire high-tech inputs from across the globe.
Literature Review:
In this research, technology has a significant favorable influence on international commerce, which includes exports and imports, as well as certain questions of causation.
"Bangladeshi manufacturers need to shift their emphasis from low labor-intensive productivity to higher productivity," said Mercy Tembon, World Bank Country Director for Bangladesh and Bhutan. This will only be possible if companies use cutting-edge technology in all aspects of their operations, including production processes.
Export-led growth is a dynamic process according to Joseph Schumpeter's theory. These authors claim that the introduction of new product qualities or applications for current goods, as well as new production methods and market openings, are all factors in economic growth that can be traced back to trade. It's possible to describe technical innovation as a country's capacity to create new products and processes that have a substantial impact on global trade and economic development. In a knowledge-based economy where information technology and human resources are increasingly important, it is vital to develop suitable criteria for evaluating the degree of technological innovation among countries.
There have recently been a number of new indices and variables for measuring the success of technical innovation, according to Márquez Ramos, Martinez Zarzoso, Sanjuan Lucas and Suárez Burguet. Despite this, evaluating a country's technological prowess is a challenging task. Due to the difficulty of include them in a single measure, it is difficult to capture all the many types of technological advancements and human capacities in a single index. Empirical research has used the TAI (Technological Achievement Index).
Objective of the study:
The objectives of the study are:
* To understand the basic relationship between technology and international trade.
* To determine the significant impact of advanced technology on international trade in Bangladesh.
* To recognize the findings of the effect of technology on international trade.
Methodology of the study:
Sourcing of Data:
This research relies heavily on secondary sources, such as journal articles, books, Wikipedia articles, Google Scholar articles, and data from Qoura and other similar websites, to carry out the analysis. In addition, various internet libraries were searched to perform a full literature study.
Observational data, in addition to data from the main data gathering source,
Observation:
Students and teachers gathered data from classroom observations to conduct the research on international commerce (export/import) and the important influence that technology has on it in order to come up with the study's concept and findings.
Analysis of Technology & International Trade:
International commerce and technology are intertwined. In today's world, international commerce would not be conceivable without the use of new technological modes and tools. Emails, text messages, faxes, and virtual conferences are all common forms of electronic communication in international business. Additionally, tracking tools for shipping and buying, which enable companies to verify the delivery of things and the amount of inventory obtained, have become a key technological achievement. Additionally, electronic spreadsheets and databases make it simpler for businesses in the United States to manage and maintain their data.
World Bank and CBI study (Yunfan Gu, 2021) suggests that the manufacturing sector in Bangladesh may benefit from more innovation and technological adoption by companies. The paper focuses on three pillars: management and worker capabilities, links to international markets, and complementary markets and institutions. According to the findings, businesses may recover from the COVID-19 issue quicker if they implement new technology and business procedures. Export diversification in Bangladesh's RMG industry is aided by the use of technology.
Individuals and businesses alike have benefited from technological advancements. Increased access to information, lower prices for goods and services, and greater product diversity are just a few examples of how technology has improved society in many different ways. International commerce relies heavily on technology advances (Capozzi, 2017).
Export:
Export may be described as the movement of goods from one nation to another for the purpose of resale. Products and services produced in one country and bought by people of another are known as exports. Sending it in any manner is irrelevant. It may be sent, emailed, or carried on a plane in checked baggage. If it is made in the United States and sold to a consumer in another nation, it is an export. From July 2020 to June 2021, Bangladesh's total exports of goods and services are given below.
Import:
People, corporations, and governments all import goods and services from other countries. The countries that buy products or services from another country because of either local production restrictions or a preference for more efficient and cost-effective imported goods. The person who receives goods or services is referred to as an importer, whereas the one who sends them is referred to as an exporter. An imported product or service is one that has been produced in another nation but has been brought back to the place of origin. There is a graph below showing Bangladesh's imports of goods and services from 2008 to 2017.
Findings and Discussion:
RCA metrics have been used to evaluate a country's export potential. The RCA demonstrates if a nation is growing the goods in which it has trade potential in contrast to situations where the number of commodities that may be competitively exported is fixed. A...