Blog > Marketing > South Korea's Cross-border E-commerce Import Volume In 2023 Has Exceeded 6.7 Trillion Won
South Korea's Cross-border E-commerce Import Volume In 2023 Has Exceeded 6.7 Trillion Won
Jayson 07 Feb 2024 08:08
According to data released by the Statistics Korea, as travel demand gradually increases after the epidemic, South Korea's online shopping volume will hit a record high in 2023.
The online shopping transaction volume reached 20.357 trillion won, a year-on-year increase of 7.7%; the mobile transaction volume during online shopping was 15.251 trillion won, a year-on-year increase of 8.9%.
In the fourth quarter of 2023, South Korea's overseas online direct sales sales reached 468 billion won, a year-on-year increase of 32.6%.
By region, China was 304 billion won, the United States was 67.3 billion won, and Japan was 60.3 billion won.
By product category, cosmetics accounted for 295.3 billion won, clothing, and fashion-related products accounted for 80.7 billion won, and records, audiovisual and musical instruments accounted for 41.9 billion won. Duty-free transactions accounted for 59.9% of online overseas direct sales, reaching 280.4 billion won.
In addition, South Korea's cross-border e-commerce import volume increased by 26.9% year-on-year in 2023 to 6.7567 trillion won, exceeding the 6 trillion won mark for the first time since relevant statistics began in 2014.
Looking at the source of imports, China's imports increased sharply by 121.2% year-on-year to 3.2873 trillion won. The United States, which has firmly topped the list so far, fell 7.3% year-on-year to 1.8574 trillion won. As a result, China overtook the United States for the first time and became South Korea's largest source of cross-border e-commerce imports.
The online shopping transaction volume reached 20.357 trillion won, a year-on-year increase of 7.7%; the mobile transaction volume during online shopping was 15.251 trillion won, a year-on-year increase of 8.9%.
In the fourth quarter of 2023, South Korea's overseas online direct sales sales reached 468 billion won, a year-on-year increase of 32.6%.
By region, China was 304 billion won, the United States was 67.3 billion won, and Japan was 60.3 billion won.
By product category, cosmetics accounted for 295.3 billion won, clothing, and fashion-related products accounted for 80.7 billion won, and records, audiovisual and musical instruments accounted for 41.9 billion won. Duty-free transactions accounted for 59.9% of online overseas direct sales, reaching 280.4 billion won.
In addition, South Korea's cross-border e-commerce import volume increased by 26.9% year-on-year in 2023 to 6.7567 trillion won, exceeding the 6 trillion won mark for the first time since relevant statistics began in 2014.
Looking at the source of imports, China's imports increased sharply by 121.2% year-on-year to 3.2873 trillion won. The United States, which has firmly topped the list so far, fell 7.3% year-on-year to 1.8574 trillion won. As a result, China overtook the United States for the first time and became South Korea's largest source of cross-border e-commerce imports.
