Unleashing Creativity Amidst chaos: A Peek at the UK's Creative Export Success
Embargoed at 12:01 a.m. (UK time) on Wednesday, March 20, 2024
United Kingdom's Creative Industries Shine as Export Victory Components
Today, we've got some exciting news to share – a groundbreaking report has been revealed, indicating that the United Kingdom's creative service exports clawed their way up during the 2010-2021 period in spite of the relentless storms stirred by Brexit and the Covid-19 pandemic. This report confirms the UK's creative industries as a triumphant export success story, but it issues a stern warning against complacency, as the findings hint at intensified competition with global powerhouses like China.
The report titled "UK Trade in the Roaring Creative Economy" will be unveiled during a virtual event on Wednesday, March 20, 12 p.m. This thrilling spectacle is part of the Creative Industries Policy and Evidence Centre's (Creative PEC's) new "Nation's Pulse" series. It delves into the latest data and innovative analysis, striving to provide no-nonsense reporting on the creative industries sector across all four nations of the United Kingdom.
"As the Department for Business and Trade, we're overjoyed to present this report showcasing the UK's creative industries as a triumphant export success story," says Tendai Chetse, Head of Creative Industries at the Department for Business and Trade. "We're thrilled to witness growth across multiple creative sectors, from creative services to the spectacular success of UK gaming as a key player in global exports – a feather in our cap indeed!"
Dr Sara Maioli, Senior Lecturer in Economics at Newcastle University Business School, the report's author, gushes, "Today's findings are a heartening testimony to the UK's creative industries. However, we must be proactive in enhancing our knowledge of the extent of digital trade as the global economy becomes increasingly digitalized, as well as improving our statistical capabilities to finely-tune our understanding of this burgeoning trade."
Although creative service exports remain robust and on the rise (accounting for 14% of all UK services exports in 2021, the latest data available), the landscape for creative goods exports is gloomy and shows sharp declines in 2016 and 2020, with no sign of recovery in 2021 – pushing creative goods below 3% of total UK goods exports.
A bit of experimental data analysis included in the report suggests that the UK's export growth in the video games sector accelerated during the pandemic, soaring to a level in 2021 nearly double that of 2016. According to today's research, the UK stands fourth in the world as a leading video games exporter, with the US firmly in the driving seat.
Caroline Rush CBE, Chief Executive of the British Fashion Council and Chair of the Creative Industries Trade and Investment Board, chimes in, "UK designers rely on international markets to offer a growth and unique opportunities. So, we wholeheartedly welcome this report celebrating the UK's creative industries as an export success story. But, we can't afford to rest on our laurels; this report underscores the burgeoning rivalry from emerging markets. We believe there is a pressing need for a clear trade and export strategy for the creative industries, supported by both the industry and the government. We look forward to working with CITIB members and the DBT to decipher the findings in the report and achieve our shared goals."
Hasan Bakhshi, Professor of Economics of the Creative Industries at Newcastle University and Director of the Creative PEC, adds, "As the UK endeavors to redefine itself on global markets, following its departure from the European Union, understanding the dynamics of export opportunities and potential roadblocks assumes prime importance for policymakers. Our report presents an initial foray, bringing together for the first time, the various sources of data available, and spotlighting areas of future data collection."
The report findings will be presented during the online launch event on March 20. Dr Maioli and Professor Fazio will lay out the findings and invite comments from a panel of creative industries experts – Caroline Rush CBE, CEO of the British Fashion Council, Dr Jo Twist OBE, CEO of the British Phonographic Industry (BPI) and Richard Kneller, Professor of Economics at the Nottingham Globalisation Centre (GEP).
Report download: (Available from 12:01 a.m. (UK time) on March 20, 2024)
The research team and Creative PEC spokespeople are on hand for interviews and comments.
Press Contacts:**
- Alice Kent (available Monday-Wednesday) – 07779029055
- Anna Zabow (available Thursday-Friday) – 07713 619077
About the Author:
- Creative PEC: Our mission is to offer independent research and policy recommendations for the United Kingdom's creative industries.
- The groundbreaking report, titled "UK Trade in the Roaring Creative Economy," offers no-nonsense analysis of the creative industries sector across all four nations of the UK, using the latest data and innovative analysis.
- Tendai Chetse, Head of Creative Industries at the Department for Business and Trade, expressed joy at presenting the report, which showcases the UK's creative industries as a triumphant export success story.
- The report indicates that while creative service exports remain robust and are on the rise, accounting for 14% of all UK services exports in 2021, the landscape for creative goods exports is gloomy, with sharp declines in 2016 and 2020.
- The report suggests that the UK's export growth in the video games sector accelerated during the pandemic, soaring to a level in 2021 nearly double that of 2016, making the UK the fourth-largest video games exporter in the world.
- Caroline Rush CBE, Chief Executive of the British Fashion Council and Chair of the Creative Industries Trade and Investment Board, calls for a clear trade and export strategy for the creative industries, supported by both the industry and the government, to counter the growing competition from emerging markets.
- Hasan Bakhshi, Professor of Economics of the Creative Industries at Newcastle University and Director of the Creative PEC, emphasizes the importance of understanding the dynamics of export opportunities and potential roadblocks for policymakers as the UK redefines itself on global markets following its departure from the European Union.
