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Cross-border e-commerce imports soar in Q1 despite epidemic

Updated:2020-04-08 (chinadaily.com.cn)

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Cross-border e-commerce imports in Ningbo Bonded Area soar 49.2 percent year-on-year to 4.4 billion yuan in the first quarter, despite the epidemic. [Photo/cnnb.com.cn]

Cross-border e-commerce imports in Ningbo Bonded Area soared 49.2 percent year-on-year to 4.4 billion yuan ($637.6 million) in the first quarter, despite the epidemic, official data show. 

Imports via cross-border e-commerce platforms accounted for 80.6 percent of the city's total over the three-month period. 

The value of goods imported by cross-border e-commerce enterprises in the bonded area has amounted to 42.917 billion yuan since the area's establishment in November 2013.

The sudden increase in growth from Q1 is down to a combination of factors, such as the sharp rise in demand for epidemic prevention materials and the opening of cross-border e-commerce platforms during the Spring Festival holiday, which have managed to meet the daily needs of residents.

Also, after the closure of brick-and-mortar stores due to the epidemic, customers were left no choice but to shop online, a staffer from Koala.com said, adding that high quality cross-border goods are becoming increasingly favored by consumers. 

Official data show that imported goods from January to March primarily consisted of food, health care products, cosmetics and childcare products. 

The value of imported food, health care products and cosmetics exceeded 2.9 billion yuan, accounting for more than 60 percent of the total. 

Local government efforts to bolster foreign trade companies also contributed partly to the sharp increase in imports. 

Local authorities rolled out a string of measures to help foreign enterprises cope with the crisis, such as clearance facilitation and the waiving of fines for delaying payment. 

So far, authorities have waived fines worth 22,587 yuan for eight companies in the sector.