Creative economy bucks global downturn

GENEVA — Global trade in creative goods is expanding with an average export growth rate of more than 7 percent, a new UN report said on Monday. It noted a “remarkable rise” in China’s role in the sector where it is the No 1 trader.

The UN Conference on Trade and Development, also known as UNCTAD, released the second edition of the Creative Economy Outlook: Trends in International Trade in Creative Industries at a news conference on Monday.

“China is the biggest single exporter and importer of creative goods and services,” said the report.

The report includes profiles for 130 developed and developing countries, and charts “China’s remarkable rise in the trade of creative goods”.

China accounts for more than one-third of global art sales at auction, said UNCTAD. The country’s film production is set to soar and it contributes a significant portion to global trade of design products, such as furniture, fashion and jewelry.

The data covers 2002-15 and shows the creative economy’s contribution to world trade.

China’s trade in creative goods between 2002 and 2015 has been exponential, with an average annual growth rate of 14 percent. In 2002, China’s trade in creative goods was $32 billion. By 2014, this figure had increased more than fivefold, tallying $191.4 billion dollars, UNCTAD said.

For the first time, the economic contribution of creative services, not just goods, is also measured at the country level in the report.

“The creative economy has both commercial and cultural worth,” said Pamela Coke-Hamilton, who directs UNCTAD’s trade division.

“Within the creative economy, the creative industries generate income through trade and intellectual property rights, and create new opportunities, particularly for small and medium-sized enterprises,” CokeHamilton said.

Industries including architecture, arts and crafts, marketing and advertising, media and publishing, research and development, software, computer games, and other core creative work are the lifeblood of the creative economy.

Design and visual arts are among the highest performing sectors, with fashion, interior design and jewelry accounting for 54 percent of creative goods exports.

“Although the downturn in global trade has impacted all industries, the report shows the creative economy is more resilient than most,” said Marisa Henderson, head of UNCTAD’s creative economy program.