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China’s cross-border e-commerce imports and exports exceeded 2 trillion yuan (about US$280 billion) in value for the first time in 2022, according to a Chinese Customs report cited by Xinhua
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The report said the online trade in goods grew 7.1% year on year
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The US accounted for 34.3% of the e-commerce market and the UK made up 6.5%, with China’s major export items made up of clothing, shoes, bags and electronics
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For the first five months of 2023, China’s total imports and exports grew 4.7% y-o-y to 16.77 trillion yuan (about $2.36 trillion) in the first five months of 2023, Xinhua said in another report
China’s cross-border e-commerce imports and exports exceeded 2 trillion yuan (about US$280 billion) in value for the first time in 2022, marking a 7.1% year-on-year increase, Xinhua reported, citing a news release on June 17 by the country’s General Administration of Customs (GAC).
The country’s robust online goods trade reflected the impact of the COVID-19 pandemic, which limited face-to-face trading globally, leading to e-commerce growth. In 2022, global e-commerce sales grew 6.9% to $28.2 trillion, statistics providers said.
Recent e-commerce sales growth statistics in the largest online shopping markets show that the trend is expected to grow in the United Sates in the next few years, Oberlo research firm said. US e-commerce sales is forecast to increase a whopping 50% from $907.9 billion in 2022 to $1.4 trillion in 2025, it said, citing Statista figures. In Europe, growth will be a little slower at 47%.
China, the country with the highest amount of ecommerce sales, is expected to see its online retail sector grow 15% during this period, according Oberlo. Analysts credit the relatively slow rate in China to the fact that the country’s peak in online shopping growth had already come in previous years.
State news agency Xinhua said GAC released the report at a forum during the 2023 China (Langfang) International Economic and Trade Fair in Shijiazhuang, North China’s Hebei Province.
The US accounted for 34.3% of China’s cross-border e-commerce sales while China and the United Kingdom made up 6.5%, Xinhua said, adding that the major export items included clothing, shoes, bags and electronic products.
Japanese products accounted for 21.7% of China’s total cross-border e-commerce imports in 2022, while US products comprised 17.9%.
Consumer goods constituted 92.8% of the exports and 98.3% of the imports, the report said.
Since the beginning of this year, China’s cross-border e-commerce has maintained its growth momentum, said GAC official Lyu Daliang said.
“A GAC survey has shown that more than 70% of enterprises expect stable or growing cross-border e-commerce in 2023,” said Lyu.
Xinhua said in another report that China’s total imports and exports grew 4.7% y-o-y to 16.77 trillion yuan (about $2.36 trillion) in the first five months of 2023, showing continued resilience amid sluggish external demand.
Exports grew 8.1% y-o-y while imports rose 0.5% during the period, the report said, citing a GAC report released by Lyu this month.
Lyu said that China’s foreign trade has been largely propped up by a continued rebound in the country’s economy and a series of policy measures the government has rolled out to help business operators respond actively to the challenges brought by weakening external demand, while effectively seizing market opportunities.
As China’s foreign trade has gained momentum, the number of shipping containers packed with goods heading overseas has grown considerably, Xinhua said, citing the increased activity at major ports across the country.
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