china e commerce - China Has Become the World's Largest E-commerce Goods Importer

According to a research report released by China Chamber of International Commerce, Deloitte and AliResearch on October 31, China has become the world’s largest importer of e-commerce goods.

The report showed that the number of cross-border e-commerce consumers has increased by ten times in the past three years. China’s consumption growth has promoted the sustainable development of import business, and the consumers in the post-90s and 95s have become the largest consumers of imported goods.

The European Union (EU), the United States ASEAN, Japan, New Zealand and Australia are the main suppliers of China’s imported consumer goods. Last year, the total amount of consumer goods imported from the EU reached 4.36 trillion yuan, accounting for 39.7% of China’s total imports of consumer goods, the largest proportion.

Imports of personal care products, watches, clothing, household items, food, and cultural and educational supplies increased with varying degrees last year, of which imports of personal care products and milk powder increasing by 48.6% and 40.4%, respectively.

Also Read: Cross-Border B2B E-Commerce Will Play Increasingly Important Role

The report said, the penetration rate of cross-border e-commerce retail imports in China, that is, the proportion of imported goods purchased through cross-border e-commerce platforms, rose from 1.6% in 2014 to 10.2% last year.

From 2014 to last year, the number of consumers of Tmall Global, a cross-border e-commerce site owned by Alibaba Group, has increased tenfold.

Apart from Tmall Global, China-based B2B e-commerce platform JumoreGlobal is attracting an increasing number of Global and Chinese buyers to buy products. In addition, the site has gathered over 1 million corporate users and established a digital trade network. Jumore said the platinum and diamond members of the platform would enjoy the “Transaction Guaranteed” special privilege and get authentic deals.

At the same time, Chinese government policy continues to encourage cross-border import of e-commerce and other new forms of business. On the one hand, China’s import consumer goods tax cuts have increased, and the average tax rate in July 2018 fell to 6.9%. On the other hand, the average delivery time under the retail import bonded model has been reduced from 9.2 days in 2014 to 4.5 days in 2017, and the efficiency has doubled.

Yu Min, head of the secretariat of China International Chamber of Commerce (ICC), said from 2001 to 2017, the average annual growth rate of China’s goods imports reached 13.5%, 6.9 percentage points higher than the global average growth rate. And China has become the world’s second largest importer, with imports of goods reaching 20 trillion US dollars and the growth rate of trade in service reached 16.7%, accounting for nearly 10% of the total import of global trade in services.

LEAVE A REPLY

Please enter your comment!
Please enter your name here