Insta
(Twitter/UNCTAD)
In its latest Creative Economy Outlook 2019 report, United Nations Conference on Trade and Development (UNCTAD) has stated that India’s creative goods export nearly tripled from $7.4 billion in 2005 to $20.2 billion in 2014.
This puts the country in the league of top ten exporters of such products among developing economies. India also had a positive trade balance in creative goods trade, which stood at $15.4 billion in 2014.
However, China remains the largest exporter of creative goods in the world. The report noted that China along with Eastern and South-Eastern Asia accounted for $228 billion of creative goods exports in 2015, almost double that of Europe in the same period.
The 2019 report is the second such attempt by the UN body to examine the creative economy’s contribution to world trade.
“Despite the difficult years during and post the 2008 financial crisis, the creative economy has been robust, demonstrating resilience and in some instances growth, indicating it is a sector with considerable potential for current and future investment,” the report added.
Creative world
The size of the global market for creative goods has expanded from $208 billion in 2002 to $509 billion in 2015.
“The creative economy has both commercial and cultural worth,” Ms Coke-Hamilton who directs UNCTAD’s trade division said. “This dual value has led governments worldwide to focus on expanding and developing their creative economies as part of economic diversification strategies and efforts to stimulate prosperity and well-being.”
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest