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India among leading exporters of creative goods: UNCTAD
18 Jan '19
2 min read
India’s creative goods exports almost tripled from $7.4 billion in 2005 to $20.2 billion in 2014, making it one of the leading exporters of such products in the top 10 developing economies, according to a report by the United Nations Conference on Trade and Development (UNCTAD). China is the biggest single exporter and importer of creative goods and services, it said.
China’s trade in creative goods between 2002 and 2015 has been exponential, with average annual growth rates of 14 per cent, said the second edition of the periodic ‘Creative Economy Outlook: Trends in International Trade in Creative Industries’, which examines the global picture and features 130 country profiles with reported creative goods and services trade data.
The data from 2002 to 2015 shows the creative economy’s contribution to world trade.
Over this period, the value of the global market for creative goods doubled from $208 billion in 2002 to $509 billion in 2015, according to a news agency report.
“China, Hong Kong (China), India, Singapore, Taiwan Province of China, Turkey, Thailand, Malaysia, Mexico and the Philippines were the top 10 performing developing economies stimulating global trade in creative goods,” the report said.
The United States, France, Italy, the United Kingdom, Germany, Switzerland, the Netherlands, Poland, Belgium and Japan were the top 10 creative goods exporters among developed economies.
Design goods accounted for the largest share of creative goods exports with a value of $17.9 billion in 2014. Jewellery was a key export at $13.2 billion followed by fashion accessories at $3.2 billion.
The United States was India’s top export partner for creative goods in 2005 but the country slipped to second place in 2014, when the United Arab Emirates emerged as India’s top trading partner, the UNCTAD report said.
India’s fashion industry is likely to continue its growth as the country has a large young population. 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 per cent), the Americas (20 per cent) and Europe (19 per cent).
The report said India had become the centre for outsourcing work such as game development, game support services. (DS)
China’s trade in creative goods between 2002 and 2015 has been exponential, with average annual growth rates of 14 per cent, said the second edition of the periodic ‘Creative Economy Outlook: Trends in International Trade in Creative Industries’, which examines the global picture and features 130 country profiles with reported creative goods and services trade data.
The data from 2002 to 2015 shows the creative economy’s contribution to world trade.
Over this period, the value of the global market for creative goods doubled from $208 billion in 2002 to $509 billion in 2015, according to a news agency report.
“China, Hong Kong (China), India, Singapore, Taiwan Province of China, Turkey, Thailand, Malaysia, Mexico and the Philippines were the top 10 performing developing economies stimulating global trade in creative goods,” the report said.
The United States, France, Italy, the United Kingdom, Germany, Switzerland, the Netherlands, Poland, Belgium and Japan were the top 10 creative goods exporters among developed economies.
Design goods accounted for the largest share of creative goods exports with a value of $17.9 billion in 2014. Jewellery was a key export at $13.2 billion followed by fashion accessories at $3.2 billion.
The United States was India’s top export partner for creative goods in 2005 but the country slipped to second place in 2014, when the United Arab Emirates emerged as India’s top trading partner, the UNCTAD report said.
India’s fashion industry is likely to continue its growth as the country has a large young population. 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 per cent), the Americas (20 per cent) and Europe (19 per cent).
The report said India had become the centre for outsourcing work such as game development, game support services. (DS)
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