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China’s cross border e-commerce reached US$920 billion in 2016, including US$5 billion for South Korea

20. April 2017
Transactions accounted for 6.3 trillion yuan including retail and B2B according to Chinese research company iiMedia with an increase of 74.8% compared to 2015 for South Korea.

 

China’s cross border e-commerce reached US$920 billion in 2016, including US$5 billion for South Korea

Chinese online shoppers bought worth 584.2 billion won from South Korea according to KOSTAT. The most attractive product category from South Korea for foreign consumers is cosmetics. In the fourth quarter of 2016, foreign buyers spent 54.7 billion won (US$ 465 million) on Korean cosmetics, accounting for 74.9% of South Korea’s cross border e-commerce. The next popular products in online sales are fashion and accessories contributing 10.8 billion won (US$86 million) to the South Korean economy. The country’s total sales of retail e-commerce (excluding travel) are expected to reach US$52.61 billion in 2017 by eMarketer.

 

Chinese cross border e-commerce is projected to account for 8.8 trillion yuan (US$1.28 trillion) in 2018 as the total number of cross border shoppers in China is expected to rise from 410 million in 2016 to 740 million in 2018. The growth was 78.3% in 2016 and is estimated to slow down to 27.6% in 2018.

 

 

Sources:

China Internet Watch

 

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