Innovation and its impact on international trade

Innovation is recognized as a key factor in international trade. Given that the global economy is changing rapidly, businesses must innovate and create new ways in their business models to remain competitive.

Characteristics of innovation:
– New product development
– Improving production methods
– Creating new markets
– Using new technologies
For example, Apple has become one of the largest global brands by developing innovative products such as the iPhone.

Chart 1: Apple’s revenue growth in the last five years

As a result, businesses that incorporate innovation into their strategies are able to excel in global markets