China’s cross-border e-commerce is growing exponentially

The scale of cross-border e-commerce in China has increased more than 10 times over the past five years, People’s Daily reported on Tuesday, citing He Yadong, spokesman for the Ministry of Commerce, at a press conference.

In the first quarter of 2024, cross-border e-commerce volume was 577.6 billion yuan ($79.76 billion), up 9.6 percent year-on-year, of which exports were 448 billion yuan, up 14 percent year-on-year to year. -annually according to the ministry.

Preliminary statistics show that there are over 120,000 cross-border e-commerce entities in the country, at least 1,000 cross-border e-commerce industrial parks and over 2,500 foreign warehouses with a total area of ​​over 30 million m2, including over 1,800 foreign warehouses focused on servicing cross-border e-commerce with a total area of ​​over 22 million square meters.

Cross-border e-commerce is an effective force in the development of China’s foreign trade and an important growth trend of international trade. The development rate of cross-border e-commerce, overseas warehouses and other new foreign trade infrastructure is rapid, the growth potential is large, and the driving effect is strong.

The ministry said it will facilitate industrial development by relying on China’s 165 comprehensive pilot zones for cross-border e-commerce, combined with the industrial base and location advantages of various places to encourage more enterprises in the industrial belt to use cross-border e-commerce to participate in trade internationally.