Worldwide exports of creative economy reach USD1.6T| MENAFN.COM

Sunday, 29 January 2023 12:37 GMT

Worldwide exports of creative economy reach USD1.6T


(MENAFN) Worldwide exports of the creative economy surpassed USD1.62 trillion 2 years ago, stressing that the sector gives a chance for nations to tap into to lift their economies, according to a study by the UN Conference on Trade and Development (Unctad).

Decade-long data analyzed by Unctad showed that the value of creative products rose by a quarter to USD524 million in 2020 from USD419m in 2010, while exports of creative services over doubled to USD 1.1tn from USD 487 billion throughout the same period, the agency stated.

Particularly, when associated with World Bank data for last year, the USD1.62tn figure exceeds the gross local product of all nations except for 11, further emphasizing the huge prospective the sector has.

"International trade in creative goods and services generates increasing revenues for countries, but creative services exports vastly exceed those of creative goods," Rebeca Grynspan, the secretary general of Unctad, said in the report.

"Yet more data and innovative and multidisciplinary policy responses are needed to enhance the development impacts of the creative sector. This is essential, as the creative economy provides all countries, particularly developing economies, with a feasible option for development."

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