Chasing The Trade Crown: India Almost Triples Its Creative Goods Exports In A Decade, Says UN Report

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.”

Also Read: A Long, Forgotten History Of India As One Of The Most Creative Civilisations That Ever Existed