China's e-commerce trade hits record 2 trn yuan in 2022

20 Jun '23

1 min read

Pic: Shutterstock/Surasak_Ch

Insights

China's cross-border e-commerce trade hit a record 2 trillion yuan in 2022, a 7.1 per cent YoY increase, as per the country's GAC.
The US and UK were the top recipients of Chinese e-commerce exports, taking 34.3 per cent and 6.5 per cent of the market, respectively.
Over 70 per cent of businesses forecast steady or growing cross-border e-commerce in 2023.

China’s cross-border e-commerce trade surpassed 2 trillion yuan (around £219 billion) for the first time in 2022, marking a 7.1 per cent year-on year (YoY) increase, as per the General Administration of Customs (GAC) at the 2023 China (Langfang) International Economic and Trade Fair in Hebei Province.

The US and the UK were major recipients of China’s e-commerce exports in 2022, representing 34.3 per cent and 6.5 per cent of the market, respectively. The primary exported items included clothing, footwear, and bags.

The report further highlighted that Japanese goods accounted for 21.7 per cent of China’s total cross-border e-commerce imports, while US products made up 17.9 per cent last year. The lion’s share of the exports at 92.8 per cent and imports at 98.3 per cent was composed of consumer goods.

Since the start of 2023, China’s cross-border e-commerce has continued to grow, Lyu Daliang, a GAC official, was quoted as saying by local media reports. Lyu further mentioned that a survey conducted by GAC suggests that more than 70 per cent of businesses anticipate consistent or rising cross-border e-commerce operations in 2023.

Fibre2Fashion News Desk (NB)

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