China’s Cross-Border E-Commerce Trade Surges by 46.5% in Q1 2021 YoY with Diversified Channels
ccording to statistics by the General Administration of Customs of the People’s Republic of China, in the first quarter of 2021, China’s cross-border e-commerce imports and exports totaled RMB419.5 billion, an increase of 46.5% year on year (YoY), said Gao Feng, spokesperson for the Ministry of Commerce (MOFCOM). He summarized three new characteristics in cross-border e-commerce.
In terms of channels, cross-border e-commerce has shifted from relying on third-party platforms to expanding into diversified new channels such as independent websites, social networking sites and search engine marketing.
Different from individuals and trading companies in the early stage, entities engaging in cross-border e-commerce are now mainly trading companies and manufacturing companies, and many manufacturing companies are moving online and making great strides in digitalization.
In terms of products, focus is shifted from cost effectiveness to brands, quality, standards and services, and bespoke and personalized products are growing rapidly.
Gao said that in the next step, the MOFCOM will keep close watch on the new characteristics and trends of cross-border e-commerce, strengthen innovation in policy making, management and services, and create an enabling business environment to boost the healthy and rapid development of cross-border e-commerce.
The 2020 China International Fair for Trade in Services (CIFTIS), themed “Global Services, Shared Prosperity”, was held in Beijing from September 4 to 9, 2020. At the 2020 China E-commerce Convention – Cross-border E-commerce Forum themed “Integration and Collaboration for Shared Prosperity,” the participants looked at the impact of China’s cross-border e-commerce on global trade and discussed a wide range of topics such as the development of comprehensive cross-border e-commerce pilot zones, cross-border e-commerce services and distribution of overseas bonded warehouses. They also shared China’s experience in developing cross-border e-commerce, discussed new business models and practices and shared their insights on future trends.