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The creative economy exports globally approach USD1.6T The creative economy exports globally approach USD1.6T
World Economy - According to a research by the UN Conference on Trade and Development, global exports of the creative economy exceeded USD1.62 trillion two years ago, highlighting that the sector offers a potential for countries to tap into to boost their economies (Unctad).
Unctad's analysis of data spanning a decade revealed that exports of creative services more than doubled to USD 1.1 trillion from USD 487 billion during the same period, while the value of creative items increased by a quarter to USD 524 million in 2020 from USD 419 million in 2010.
The USD1.62 trillion figure, in particular when compared to World Bank figures from the previous year, exceeds the gross domestic product of every country except for 11, further highlighting the enormous potential the sector possesses.
Rebeca Grynspan, the secretary general of Unctad, stated in the report that "international trade in creative goods and services produces increasing income for countries, but creative services exports significantly outweigh those of creative commodities."
"To improve the development benefits of the creative industry, more information and creative, multidisciplinary policy solutions are required. This is crucial because the creative economy offers all nations, especially developing ones, a workable development choice."
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