Korean media: Chinese enterprises have seen rapid growth in the cross-border e-commerce online shopping market in South Korea, with a share of nearly half in the first three quarters

According to a report from the South Korean Customs Agency on the 5th, Chinese companies have seen a rapid growth in the cross-border e-commerce online shopping market in South Korea in the first three quarters of this year, with a market share approaching 50%.
According to the report, according to the South Korean Customs Agency, from the first quarter to the third quarter of 2023, the cross-border e-commerce online shopping volume in South Korea was 4792826 trillion won (approximately 26.62 billion yuan), an increase of 20.4% year-on-year. From the perspective of trading partners, the United States accounts for 1.392878 trillion Korean won, accounting for 29.1%; And China has 2.2217 trillion won, accounting for 46.4%. The report also stated that in the first three quarters of this year, the amount of Korean consumers' overseas purchases of Chinese goods surged by 106% year-on-year, far higher than the 9.7% increase in the United States.
The Yonhap News Agency explained that the improvement of Chinese enterprises' position in the cross-border e-commerce online shopping market in South Korea is closely related to the rapid development of Chinese e-commerce enterprises. For example, Alibaba's Global AliExpress entered the Korean market in 2018 and quickly increased its market share with its price advantage. According to relevant statistics, as of September this year, the number of Korean users of the global AliExpress application was 5.45 million, an increase of 2.6 times from September 2020 (1.52 million people). The report also stated that Temu, a cross-border e-commerce platform under Pinduoduo, has shown significant growth in the Korean market. From August to September, Temu's number of Korean users increased from 520000 to 1.7 million. On the 5th, the South Korean "ethoday" news website said that Temu's slogan of "shop like a billionaire" has attracted a large number of South Korean customers who pursue cost-effectiveness.
According to a report on the "Etoday" news website, the increasing convenience of Chinese companies in the cross-border e-commerce online shopping market in South Korea has led to a significant increase in the demand for clothing among Korean consumers. In the past, when Korean consumers purchased so-called "bonded clothing", they usually chose Dongmen or local online shopping malls in Korea. But with Alibaba's strengthening in the fashion category this year, designs similar to Korean clothing can almost be purchased at less than half price on Chinese e-commerce platforms. According to the Daily Economy of South Korea, clothing accounted for the largest proportion of goods directly purchased by South Korean consumers from China in the third quarter of this year, accounting for 56.43% of overall consumption.
According to Daily Economy, analysis shows that the success of China's cross-border e-commerce online shopping market is related to the disappointment of Korean consumers towards Korean online shopping platforms. According to reports, a woman in her twenties living in Enping District, Seoul said, "I was shocked that the bonded T-shirt I bought in South Korea for 20000 won a month ago only cost around 7000 won on Chinese websites