City's cross-border e-commerce nets ¥110B in first quarter

The import and export volume of Shenzhen’s cross-border e-commerce exceeded 110 billion yuan (US$15.2 billion) in the first quarter (Q1) of this year, a year-on-year increase of over 95%. The figure hit a new high for the same period, which accounted for more than half of the provincial total in Q1, according to a provincial seminar on high-quality development of cross-border e-commerce held in Shenzhen on Monday.

A view of the Yantian Port. File photo

Shenzhen, the barometer of cross-border e-commerce in China, stands out in terms of output value, overseas warehouse operation area, and logistics and supply chain systems. Official statistics show that there are 150,000 cross-border e-commerce exporters in Shenzhen, accounting for half of the Chinese sellers on platforms like Alibaba’s International Station, Taobao Global, AliExpress, Lazada, and eBay. Additionally, one-third of the Chinese sellers on Amazon hail from Shenzhen.

The city’s supportive policies and favorable business environment have attracted well-known domestic platforms such as Douyin (the Chinese version of TikTok), JD Worldwide, and Alibaba to increase their investment in Shenzhen. Cross-border e-commerce platforms with a global presence, like Southeast Asia’s Shopee, Russia’s Ozon, and Africa’s Jumia, have also established their China headquarters in Shenzhen.

Longgang District is the center of the development of Shenzhen’s cross-border e-commerce. Three of Shenzhen’s five national e-commerce demonstration bases are located in Longgang.

Last year, Shenzhen became the first city in the country to create a one-stop service model to address problems faced by cross-border e-commerce enterprises in financing, customs clearance, exchange settlement, and taxation.

Cross-border e-commerce, general trade, and processing trade have become three strong pillars of China’s economy and a new driving force for the growth of foreign trade. In 2023, Shenzhen’s cross-border e-commerce generated 326.53 billion yuan of foreign trade, up 74.4% year on year, while the import and export volume of Guangdong’s cross-border e-commerce totaled 843.3 billion yuan, representing a year-on-year growth of 25.2%.