Did you know that the UK creative sector is a net exporter? I learned this today from reading a report from The Creative Industries Policy and Evidence Centre (Creative PEC) led by Newcastle University.

What is a trade deficit?

The UK trade deficit is the amount of money the country spends importing things less the amount we make exporting things. As we import more than we export this forms a deficit. A large deficit is generally considered a bad thing as it is a drag factor on economic growth.

But, good news everyone, we creatives bring down the deficit.

[…] the latest statistics from DCMS (DCMS, 2023) show that in 2021 the UK exported £9.1 billion of creative goods and £45.6 billion of creative services. In the same year, with a positive balance of trade in creative goods and services of £2.1 billion and £18.7 billion, respectively, the creative industries contributed to reducing the overall UK trade deficit.

UK Trade in a global creative economy, 2024, Giorgio Fazio, Jonathan Jones, Sara Maioli, Daniel Simandjuntak; Newcastle University

It’s a big report that I am still reading. If I find any further juicy or encouraging facts, I will be sure to write another post and share my findings.