Global e-commerce reaches peak of USD5.8 trillion in 2023
Date
10/27/2024 8:30:05 AM
(MENAFN) Global e-commerce reached a peak of USD5.8 trillion in 2023, and Türkiye is now positioning itself to capture a larger share of this lucrative market, with projections that global e-commerce will climb to USD6.3 trillion by the end of 2024, Turkish Trade Minister Omer Bolat stated at an e-commerce summit in Istanbul. He highlighted the essential role of e-commerce in modern business, especially in driving digital transformation, and emphasized its expansion since the pandemic as a vital part of economic growth and business strategies.
In Türkiye, nearly half (49.5 percent) of the population made online purchases in the past year, contributing to a dramatic rise in the country’s e-commerce volume, which jumped from USD3.9 billion in 2019 to USD53.9 billion in 2023. The sector also saw a substantial increase in businesses, growing by 717 percent from around 68,000 to 559,400 companies within the same period, reflecting Türkiye's efforts to embrace digital commerce as a national growth strategy.
Bolat revealed that e-commerce exports represented 0.91 percent of Türkiye’s total goods exports in 2022, but this figure has risen to 2.6 percent in 2024, with expectations of reaching 3 percent by year-end. The government's long-term plan aims to boost e-commerce’s share of total goods exports to 10 percent by 2028, a target in line with Türkiye’s broader economic development strategies and export goals.
Additionally, Bolat noted that Türkiye’s retail sector contributed USD306.2 billion, or 17 percent, to the total trade volume of approximately USD1.7 trillion in 2023. To create a more competitive and sustainable retail environment, the Ministry of Trade has implemented new regulations to support balanced growth and consumer protection measures. These include robust rights against fraud and expanded withdrawal rights for consumers. The government is also actively promoting women’s participation in commerce, while working to strengthen e-commerce platforms and enhance export capabilities for Turkish businesses in the global marketplace.
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