International e-commerce reaches record high of USD5.8 trillion in 2023
Date
10/28/2024 8:19:35 AM
(MENAFN) Global e-commerce hit a record USD5.8 trillion in 2023, and Türkiye is positioning itself to capture a larger share of this expanding market. Turkish Trade Minister Omer Bolat, speaking at an e-commerce summit in Istanbul, expressed optimism for 2024, with expectations that the global e-commerce figure could rise to USD6.3 trillion by year-end. Bolat highlighted the transformative power of e-commerce in the digital age, noting how it has quickly become an essential pillar of modern business, especially since the pandemic accelerated digital trade worldwide.
Bolat noted the rapid growth of Türkiye’s e-commerce sector, which has seen both a surge in consumer adoption and an impressive expansion in e-commerce businesses. In 2022, nearly half (49.5 percent) of Türkiye’s population ordered goods and services online, and the country’s e-commerce trade volume skyrocketed from USD3.9 billion in 2019 to USD53.9 billion in 2023. The number of e-commerce enterprises also grew dramatically, climbing 717 percent from around 68,000 in 2019 to 559,400 in 2023, showcasing a thriving environment for digital trade.
Türkiye's e-commerce exports have also strengthened, with their share of total goods exports rising from 0.91 percent in 2022 to 2.6 percent in 2024 so far. Bolat projected this will further grow to 3 percent by year-end. Looking ahead, Türkiye’s development plan targets a significant increase in the share of e-commerce exports, aiming for e-commerce to represent 10 percent of the country’s total goods exports by 2028. Bolat also emphasized the scale of Türkiye’s trade activities, with the country's total trade volume reaching USD1.7 trillion in 2023, of which retail trade accounted for USD306.2 billion, or 17 percent.
To support this growth, the Ministry of Trade is implementing new regulations designed to create a competitive and sustainable retail sector. Recent consumer protection laws now grant stronger rights against fraud, such as a right of withdrawal for purchased goods and services. The ministry is also committed to expanding women's participation in commerce and fostering competitiveness within e-commerce marketplaces and export sectors. Additionally, Bolat underscored the government’s proactive steps to curb price gouging and stockpiling, particularly in sectors like food, real estate, automotive, and jewelry, to maintain a fair and stable market environment.
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