According to recent data released by the South Korean Customs Administration (Customs), South Korea imports from China in 2023.Cross-border e-commerceThe volume of goods increased by 70.3 percent, reaching 8881.5 million units, a growth rate far higher than the overall import growth rate.This data underscores the growing importance of the Chinese market in cross-border e-commerce in South Korea.

Last year, the total volume of cross-border e-commerce imports in South Korea increased by 36.7 per cent, to approximately 1.314,4 billion units, indicating that imports from China grew significantly faster than other countries. Since 2020, the number of cross-border e-commerce goods imported from China has jumped from 2748,3 million units to 8881.5 million units in 2023, an increase from 43 per cent in 2020 to 68 per cent last year. In addition, the amount of imports from China grew by 58.5 per cent, up to $23.59 billion last year, which is also much higher than the overall import growth rate (11.7 per cent).

The rapid expansion of China’s cross-border e-commerce platforms in the South Korean market, such as Global Fast Selling and Temu, is a major factor behind this significant growth. These platforms have won South Korean consumers’ favour with price advantages and commodity diversity, especially in the areas of fashion, electronics, household appliances and personal care. In the context of the continued growth of global e-commerce, China’s cross-border e-commerce platforms are gaining a growing share in the South Korean market thanks to their competitiveness.

South Korean consumers are clearly increasing interest in cross-border e-commerce platforms, a trend that not only reflects the growth of global trade, but also shows the potential of the South Korean market in the field of e-commerce.As more South Korean consumers look for cheaper, more varied products, imports of cross-border e-commerce from China are expected to continue to grow.

In addition, this growth trend also reflects the impact of cross-border e-commerce on traditional import trade models, prompting local South Korean companies to re-evaluate and adjust their market strategies to cope with fierce competition from countries such as China.