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Smaller countries lead the way. |
When you think of 'high-tech', which countries come to mind?
What is 'High-Tech'?
Before continuing, what is meant by the term 'high-tech'? As defined by the World Data Bank, high-technology exports are products with high R&D (Research and Development) intensity, such as aerospace, computers, pharmaceuticals, scientific instruments and electrical machinery. That doesn't necessarily mean 'end products' - the gadgets, drugs, meters, etc. that end up in your hands for use; rather, it often means the parts or chemicals that go into those devices which are often assembled elsewhere.
It's Not Who You Might Think
We tend to associate that term with countries such as Japan, the United States, Great Britain, the
Nordic Countries, France, India, Taiwan and China to name a few. It's reasonable to make that assumption because those countries do indeed export high-tech products in large amounts. However, that's not the only thing they export since most are large enough to diversify. Therefore, when we look at their high-tech exports as a percentage of their total exports, it mostly rises no higher than 30%.