China’s cross-border e-commerce surpassed $260B in 2020

China, as a frontrunner in this market, is expected to continue leading global growth

e-commerce

China’s cross-border e-commerce surpassed $260B in 2020. Source: flickr.com

According to a study by eShop, nearly 70% of global consumers made cross-border e-commerce purchases in 2020, ComprarAcciones reports.

Last year, China’s cross-border online business rose by 31.1% to 1.69 trillion yuan ($261.5 billion). The report highlighted that transactions primarily consisted of exports, which amounted to 1.12 trillion yuan, accounting for 66% of the global total.

While e-сommerce exports grew by 40.1% year-over-year, imports increased by a mere 16.5% to 570 billion yuan.

To keep up with the increase, there was a surge of 80% in overseas warehouses during the year, to over 1,800 according to the Commerce Ministry.

Based on data from the General Administration of Customs (GAC), 2021 is already off to a great start. During the first week of the year, Hangzhou customs in Zhejiang Province approved 5.79 million trade bills for cross-border online sales valued at 532 million yuan.

We’ve reported that UK e-commerce grew by over 50% in 2020.

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