E-commerce Trades
South Korea's e-commerce exports showed a remarkable growth in the second quarter compared to a year earlier. This is largely due to the strong demand in China for South Korean cosmetics and clothing coming from a popularity of the K-drama "Descendants from the Sun" earlier this year. On the other hand, Koreans' direct purchases of foreign goods via overseas online shopping malls edged up in over the period.
According to a report entitled “Online Overseas Direct Sales and Purchase Trend” published by Statistics Korea on August 3, internet-based direct sales made by overseas shoppers reached 497.4 billion won (US$444.9 million) in the April-June period, up 83 percent from the same period of last year. The figure was down 1.9 percent from the previous quarter. Online direct purchases from overseas grew 5 percent from a year earlier to 411.8 billion won (US$368.34 million) in the second quarter. The figure also dropped 7.7 percent from the first quarter.
Online purchases of Korean products by overseas shoppers surpassed Koreans’ direct purchases of foreign goods for the first time in the first quarter, and the direct sales are expected to exceed the direct purchases throughout the year.
By country, the nation’s e-commerce exports to China amounted to 373.2 billion won (US$333.81 million) in the second quarter, accounting for 75 percent of the total. It was followed by the United States with 7 percent, Japan with 6.4 percent and Southeast Asian countries with 3.9 percent. Direct sales made by Chinese shoppers surged 103.1 percent on-year.
By product, cosmetics accounted for 67 percent of the total overseas sales online, while clothing and fashion related products made up 17.6 percent. Meanwhile, Korean consumers made most purchases in the U.S. online malls. Their direct purchases of U.S. goods stood at 266.9 billion won (US$238.73 million) in the second quarter, accounting for 64.8 percent of the total. It was followed by the European Union with 19.2 percent, China with 8.1 percent and Japan with 5.7 percent.
Koreans’ spending on foreign clothing made up the largest share at 36.3 percent, following foodstuffs with 26 percent and mobile devices and home appliances with 8.5 percent.
Meanwhile South Korea's overall online shopping sales amounted to 5.18 trillion won (US$4.63 billion) in June, up 18.8 percent from a year earlier, while mobile transactions totaled 2.65 trillion won (US$2.37 billion), accounting for 51.2 percent of all online sales.