Trade Online Since Pandemic Bigger Than US Economy

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Since the corona pandemic, people shop more online since the corona pandemic, revenues from online sales have increased worldwide last year to nearly $ 27 trillion, more than $ 22 trillion.

 

This is evident from figures from the UN trade body UNCTAD. With that, the turnover of online commerce has exceeded the gross national product of the United States, the world’s largest economy.

Online purchases accounted for nearly a fifth of total purchases last year. That was 16 percent a year earlier, according to UNCTAD calculations published on Monday. Global trade online rose 4 percent last year to sales of $ 26.7 trillion.

Ten of the thirteen most prominent online merchants are Chinese or American. The Chinese Alibaba appears to be larger than the American Amazon.

In China and South Korea, almost a quarter of purchases were made online last year. In Great Britain, the share of online purchases rose from nearly 16 percent in 2019 to almost a quarter last year. In the US, online purchases accounted for 14 percent of the total last year, compared to 11 percent a year earlier.

The growth of online trade last year as the global economy shrank more than UNCTAD has ever calculated since the trade body began doing so in 1940.

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