E-commerce transactions in China surge to USD6.17T in 2022
Date
1/15/2024 3:40:53 AM
(MENAFN) China has reaffirmed its status as the world's largest online retail market for the 11th consecutive year, according to a statement from the Chinese Ministry of Commerce. The spokeswoman, Xu Jueting, revealed that the value of e-commerce transactions in China soared to 43.83 trillion yuan (approximately 6.17 trillion US dollars) in 2022, marking a significant increase from the 31.63 trillion yuan recorded in 2018.
Highlighting the robust growth, Xu Jueting emphasized that online retail sales of physical goods now constitute over 25 percent of the total retail sales of consumer goods in the country. She further noted that the e-commerce sector has emerged as a pivotal driver for digital transformation, underscoring its role as a dynamic force in shaping China's economic landscape.
In contrast, China faced a challenge on the export front, experiencing its first annual decline since 2016. Global demand fluctuations and declining prices contributed to a 4.6 percent decrease in the value of exports, totaling about USD3.4 trillion in goods sent worldwide in the past year. This decline highlights a shift in economic dynamics and poses a potential hurdle to one of the fundamental pillars of growth in the world's second-largest economy.
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