PRESS RELEASE – MAY 2024

Asian Ecommerce Market will grow in coming years-  Keshav Gandhi, CEO, AsiaTradeHub.com

Asian e trade should increase by 2.6% in 2024 and 3.3% in 2025. However, regional conflicts, geopolitical tensions and economic policy uncertainty pose substantial downside risks to the forecast.

The demand for manufactured goods, resulting in a 1.2%  seen decline in Asian Economy in previous year.  Import volumes were down in most regions but especially in Europe, where they fell sharply. The main exceptions were large fuel-exporting economies, whose imports were sustained by strong export revenues as energy prices remained high by historical standards.. The report further estimates global GDP growth at market exchange rates will remain mostly stable over the next two years at 2.6% in 2024 and 3.3% in 2025 “ Said by Keshav Gandhi, CEO, AsiaTradeHub.com.

Business-to-business ecommerce for the larger Asia Pacific region has been increasing at 15% on average annually, higher than the global average of 14.5% gross merchandise value growth annually. Cross-border ecommerce development varies by individual markets within the Asia Pacific region, with China  scoring the highest in a ranked development index. South Korea and Singapore  are the next ranked markets on the cross-border ecommerce development index, followed by the Japan , Thailand ,Malaysia and Indonesia ecommerce markets. The Asia Pacific region’s ecommerce market value will grow to over USD$28.9 trillion by 2026.

Consumer electronics continues to lead the Asia Pacific region’s ecommerce revenue growth, along with the fashion and the toys & hobby segments comprising the majority of the total value of ecommerce sales through 2027.

The total internet economy for Asia is forecast to grow from USD$194 billion to over USD$330 billion by 2025, with Indonesia leading the rest of the region’s markets with an internet economy of over USD$82 billion in 2023.

Payment methods vary by individual market, with cash payments previously being the most frequently used payment method for ecommerce. Currently credit cards and local online wallets dominate as the preferred ecommerce payment method for Asia, with a forecast significant increase in both usage and merchandise value being process through these online payment methods through 2026.