How do technology advancements influence global trade? 🔊
Technology advancements influence global trade by streamlining logistics, enhancing supply chain efficiency, and facilitating faster communication. Innovations such as e-commerce platforms provide businesses access to international markets, enabling seamless transactions across borders. Technologies like blockchain improve transparency in trade by securely tracking goods from origin to sale. Moreover, advancements in manufacturing technologies and transportation reduce costs and time, thus improving competitiveness. Overall, technology fosters globalization, enabling businesses to adapt to rapidly changing market dynamics and consumer demands.
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