Trade for Creative Goods Shows Substantial Growth
In a recent report from UNCTAD highlighting recent trends in the global trade economy, key findings confirm the expansion of creative goods with export growth rates exceeding seven percent.
“The creative economy has both commercial and cultural worth,” UNCTAD’s trade division director, Pamela Coke-Hamilton said. “Acknowledging this dual value has led governments worldwide to expand and develop their creative economies as part of economic diversification strategies and efforts to stimulate economic growth, prosperity and well-being.”
Additionally, the report provides detailed, sector-specific profiles for 130 developed and developing countries. Of the key findings in the report, China’s substantial involvement in global trade – specifically for creative goods, verified that China accounts for more one-third of global art sales at auction.
“Although the downturn in global trade has impacted all industries, the report shows the creative economy is more resilient than most,” Chief of UNCTAD’s creative economy programme, Marisa Henderson, said. “The performance of the creative economy is encouraging and shows it is thriving through the intersection of culture, technology, business and innovation.”
The United States, France, Italy, the United Kingdom, Germany, Switzerland, Netherlands, Poland, Belgium and Japan were the top 10 creative goods exporters among developed countries.
The top 10 developing economies cited for global trade in creative goods includes: China, Hong Kong (China), India, Singapore, Taiwan Province of China, Turkey, Thailand, Malaysia, Mexico and Philippines were the top 10 performing developing economies stimulating global trade in creative goods.
“Creative services will grow,” Henderson said. “Although there is limited data on the trade in creative services, more countries are reporting on creative services trade as it becomes a more defining feature of local and regional economies.”
Is Vietnam the Next China: Myth vs. Reality