‘China’s trade in creative goods now $191.4b’ - SUCCESSFUL PEOPLE MAGAZINE


Friday, May 31, 2019

‘China’s trade in creative goods now $191.4b’

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The United Nations Conference on Trade and Development (UNCTAD) said China’s trade in creative goods has increased more than fivefold, climbing to US$191.4 billion.

In a statement, UNCTAD said although there was a drop in 2015 when China recorded US$168.5 billion trade in creative goods, ever since it has maintained a lead in the sector at an annual rate of 14 per cent, saying in 2015, Chinese creative exports were four times that of the United States.

“China’s contribution to the global creative economy is both important and has driven more than a decade’s worth of growth in creative industries and services, indications are that it will continue to grow.

The country’s creative economy growth is fueled by internet accessibility, a big consumer marketplace and a growing digital economy, both of which are closely integrated with the creative economy. China is currently the world’s biggest art market and the film market is set to expand”, said UNCTAD’s Creative Economy Head, Marisa Henderson.

She said data also shows that Asia outpaced all other regions, with China and South East Asia combined accounting for US$228 billion of creative exports,almost double that of Europe she added.

Henderson said that China, Hong Kong, India, Singapore, Taiwan Province of China, Turkey, Thailand, Malaysia, Mexico and Philippines were the top 10 performing developing economies stimulating global trade in creative goods.

According to her generally, South-South trade is on the rise and looks set to be an area of vibrant future growth especially for the creative economy, where the Asian nations are currently very strong performers,” Ms. Henderson said.

She added that among developed economies, the United States, France, Italy, the United Kingdom, Germany, Switzerland, Netherlands, Poland, Belgium and Japan were the top 10 creative goods exporters.

She said:  “China has dominated the bulk of the trade in creative goods of the past 13 years. In 2014, the main regional markets for China’s creative goods exports were 61 per cent for Asia, 10 per cent for  the Americas  while Europe  scored 28 per cent. The Asian market expanded significantly, doubling in size from 2005, and crowding out other regional markets, with Hong Kong, Japan, Malaysia, Singapore and the United Arab Emirates accounting for the large Asian share of Chinese creative goods exports.

The report stated that though China only reports high level of creative services, compounded by poor data on Chinese creative services imports and exports for the period revealed that creative services saw robust growth.

She maintained that creative manufacturing has a large role to play in the goods output, but not without a debate around whether the creative input happens elsewhere and only production happening in China.

“Creative China is growing and is buoying creative economy growth across the world. China’s performance is significant, whether combined with other developing countries or in isolation. As the Chinese economy grows, it’s creative goods and services are set to grow in tandem and will have a lasting impact on trade and high cultural influence,” it concludes.

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