Editor's pick India among top 10 creative goods exporter

India among top 10 creative goods exporter

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India’s creative goods exports nearly tripled from $7.4 billion in 2005 to $20.2 billion in 2014, according to the Creative Economy Outlook report published by United Nations Conference on Trade and Development  (UNCTAD).

Design goods accounted for the largest share of creative goods exports with a value of $17.9 billion in 2014. Jewelry was a key export at $13.2 billion followed by fashion accessories at $3.2 billion. Fashion industry in India is likely to continue its growth as the country has a large young population.

Art crafts:

India is also among top 10 exporters of Art crafts. Art crafts (carpet and yarn products) was another dynamic sector with exports at $1.5 billion in 2014. India had a positive trade balance in creative goods trade, which stood at $15.4 billion in 2014.

In 2014, the main destination markets for India’s creative goods exports were Asia (58%), the Americas (20%) and Europe (19%).

The international trade in Art Crafts totalled $35 billion in 2015. The global market for art crafts is expanding, world exports increased from $19.9 billion in 2002 to $35 billion in 2015 with an annual average growth rate of 4.42 per cent during the period 2003-2015. Art crafts continue to be among the most important creative industry sector for export earnings for developing countries. The products with highest penetration in world markets include carpets, celebration items, yarns products and wickerwork.

Creative services:

Creative services exports stood at $54 billion led by Telecommunications, computer, and information services, which stood at $52.3 billion.

India has become the centre for outsourcing work such as game development, game support services, etc. In the coming years, the country is expected to become the hub for development, porting and dubbing of various games across the globe, due to low costs and the easy availability of game developers with world-class game development experience. With the country’s youth population standing at over 350 million, India is one of the largest markets for companies operating in the global gaming industry.

Further, India has seen exponential growth in movies and food services industry. India makes more movies than any other country in the world. Fourteen million Indians go to the movies on a daily basis (about 1.4% of the population of 1 billion) and pay the equivalent to the average day’s wages (US $1-3) to see a film, of which Bollywood produces over 800 films each year. That is more than double the number of feature films produced in the United States.

Indian gastronomy is undergoing rapid growth. Foodservice sales in this country of US$ 1.3 billion are growing at about 10% annually (making it one of the fastest growing sellers in the world). This growth is double the rate expected for the much more mature United States’ restaurant industry, and with a population quadruple the size.

The creative economy is recognized as a significant sector and a meaningful contributor to national gross domestic product. It has spurred innovation and knowledge transfer across all sectors of the economy and is a critical sector to foster inclusive development.

The size of the global market for creative goods has expanded substantially more than doubling in size from $208 billion in 2002 to $509 billion in 2015. While the financial crisis affected the creation, production and distribution of creative goods, its trade performance has generally been consistent, with an average growth rate exceeding 7 per cent between 2002 and 2015.

Over the period 2002 to 2015, developing economies’ participation in creative goods trade was markedly higher than in developed economies, driven mainly by the performance of China.

China, Hong Kong (China), India, Singapore, Taiwan Province of China, Turkey, Thailand, Malaysia, Mexico and Philippines were the top ten performing developing economies. The domination of Asian countries in the top ten is a clear indication of their important emerging role in stimulating and contributing to the global creative economy.

From the developed economies group, the United States, France, Italy, United Kingdom, Germany, Switzerland, Netherlands, Poland, Belgium and Japan were the top ten creative goods exporters.

Creative Industries Performance:

The main creative industry development and innovation sectors to watch are design, fashion and film, which account for the lion’s share in the world trade in creative goods. Design goods, a broad category that includes creative industries from fashion to furniture, is leading the world market for creative industries. Design is one of seven creative goods categories, which include: Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and United Kingdom 10 Art Crafts; Audio-Visuals; Design; New Media; Performing Arts; Publishing; and Visual Arts.

Design was followed by Visual Arts, which includes antiques, paintings and photography, and Publishing and New Media. Art Crafts also hold a sizeable share of the market. Together these sub-sectors accounted for 45 per cent of total exports of creative goods. For developing countries, they remain among the most important creative industries sectors for export earnings.

Source: UNCTAD Creative Economy Outlook report

 

News4children
News4children, a news portal on current affairs tapered especially for children with academic input. Every article is written in simple language with full background information, so children can understand the news better. Most of the articles include academic input, activities and vocabulary as well.

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