By Jen Snowball
There is growing interest in the creative economy in emerging markets in terms of its impact on employment and economic growth, as well as social and cultural impacts.
In South Africa, for example, a recent study by the South African Cultural Observatory, found that the country’s creative economy contributed 1.7% to the economy in 2016. And that the creative sector grew faster than South Africa’s overall economy – by 4.9% between 2011 and 2016 compared with 1.6% for whole economy.
An important contributor to this growth is international trade in cultural goods and services. Cultural trade offers developing countries an opportunity to take advantage of the growing interest globally in cultural goods and services.
A recent report on the outlook for the creative economy shows that the global market for creative goods more than doubled between 2002 and 2015. Its growth averaged more than 7% globally. In developing countries growth was even faster at 9%. The reports also shows that South-South trade in cultural goods and services is rising.
In South Africa, the export of cultural goods grew by 10.3% between 2015 and 2017. Since 2011 cultural goods exports grew more quickly than total commodity exports.
For Africa, there will be even greater opportunities if all 54 countries join the African Continental Free Trade Area (AfCFTA). This would create one of world’s largest single markets – US$4 trillion in spending and investment – offering great opportunities for mutually beneficial cultural trade.
Building on a recent meeting hosted by the United Nations Conference on Trade and Development (UNCTAD) in Geneva, this article outlines some of the trends and challenges in growing international cultural trade. Read more…
