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Creative products lead the world and boost UK trade
5th October 2010
Britain is the largest exporter of creative products in the world .... take a moment to allow this to sink in .... Britain stands at the top of the global league table for selling creative goods and services around the world, there is a strong demand for UK-centric cultural and creative output.
The Independent today carried an analysis article on the background to this wonderful success story. In 2009 - during a year when global trade slumped by more than 10 per cent - “the international sales of British TV programmes rose 9 per cent to £1.3bn….. the most popular UK shows and formats to be sold abroad include Strictly Come Dancing, Come Dine with Me and Spooks. The BBC’s commercial arm said its sales and distribution profits in the last financial year rose 4.6 per cent to £64.2m.”
According to the report - North America represented 41% of total export revenue in 2009, with Europe contributing 29% and Rest of World 30%
This is a staggeringly good performance and it is one specific area of our trade accounts where the UK is clearly able to build and sustain a competitive advantage. Trade figures do not lie - they reveal comparative advantage and this is an industry that the government would do well to nurture and support as best it can. It is a proven success.
Here is the Independent article and more here from BBC news
Geoff Riley
Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.