Sector Report

China’s global winners – China’s ecommerce winners take the world by storm

by Elinor Leung, CFA / Jun 15, 2023


China firms could grab +15% global ex-China ecommerce share

Global ecommerce gross merchandise value (GMV) delivered an 18.6% three-year Cagr to US$3.5tn in 2022 with penetration rising 6ppts to 20%. The domestic policy uncertainty and huge global opportunities accelerate China ecommerce’s globalisation. Chinese firms enjoy low-cost supply chains and high operating efficiency supported by tech innovation. The USA, Europe, Latin America and Asean are top markets for them with +US$10tn/2tn retail/ecommerce sales annually as of 2022.

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