Global creative industries exports exceeded $1.62 trillion in 2020, highlighting that the sector offers countries an opportunity to boost their economies, a study by the UN Conference on Trade and Development (UNCTAD) found.
Decades of data analyzed by Unctad showed that the value of creative goods rose by a quarter from US$419 million in 2010 to US$524 million in 2020, while creative services exports grew from US$487 billion over the same period. Dollars have more than doubled to $1.1 trillion, the agency said in a report.
In particular, when compared to World Bank data for 2021, the $1.62 trillion figure surpasses the gross domestic product of all but 11 countries, further underscoring the huge potential of the sector.
“International trade in creative goods and services generates increasing revenues for countries, but exports of creative services far outstrip those of creative goods,” wrote Rebeca Grynspan, Unctad’s general secretary, in the report.
“More data and innovative and multidisciplinary policy responses are needed to amplify the development effects of the creative sector. This is crucial as the creative industries offer a viable option for development for all countries, especially developing ones.”
Definitions of creative industries vary by organization, but Unctad describes them as cycles of creation, production, and distribution of goods and services that use creativity and intellectual capital as primary inputs.
They encompass a range of knowledge-based activities that produce tangible goods and intangible intellectual or artistic services with creative content, economic value and market objectives.
Sectors that are considered part of the creative industries include cultural and natural heritage, books and press, performing arts and celebrations, audiovisual and interactive media, visual arts and crafts, and design and creative services.
Other areas branching off from this are also covered including publishing and books, cinema, film and video, music, various fields of art, heritage museums, historical sites, archives, major cultural events, libraries and other related sub-sectors.
During the World Conference on Creative Industries in Dubai last December, Ms Grynspan called on countries to support and expand the creative and cultural sectors and increase their contribution to the economy.
International trade in creative goods and services generates increasing revenues for countries… more data and innovative and multidisciplinary policy responses are needed to amplify the development effects of the creative sector
Rebeca Grynspan, Secretary General of Unctad
The UAE cabinet last November ratified a national strategy for the cultural and creative industries with the aim of making it one of the country’s key economic performers. The program includes 40 projects and initiatives that aim to increase their contribution to 5 percent of GDP in partnership with the private sector.
But like practically every industry, the Covid 19 pandemic that broke out in 2020 has not spared the creative industry.
The health crisis has had a “devastating” impact on certain creative industries, deepening their pre-existing vulnerabilities, Unctad said. Those sectors lost up to 10 million jobs and shrank about $750 billion globally during the health crisis-hit year, she added, citing industry reports.
But with restrictions largely lifted and the world returning to normal, the creative industries – increasingly recognized and supported by business – are expected to stage a strong recovery.
The Unctad report states that developing countries are more likely to export more creative goods compared to developed countries. In 2020, China was by far the largest exporter of creative goods, valued at $169 billion, followed by the US ($32 billion), Italy ($27 billion), Germany ($26 billion) and Hong Kong ($24 billion).
The same is true for creative services: developed economies accounted for more than 82 percent of all creative services exports in 2020, with the US being the top exporters at $206 billion, followed by Ireland ($174 billion), Germany ( 75 billion), China (USD 59 billion) and Great Britain (USD 57 billion).
“Countries have increasingly turned their attention to measuring the economic contribution of their creative industries,” said Unctad.
“They produce various statistics on the creative industries, such as the contribution to GDP, the share of creative goods and services in total exports and imports, the number of employees and companies in the creative sector, and participation in culture.”
Updated October 8, 2022 1:09 p.m
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