Wenzhou's cross-border e-commerce exports surge by 392% in Q1

Wenzhou customs officers check parcels to be delivered overseas. [Photo/WeChat account: hzhgfb]

The Wenzhou municipal bureau of commerce recently announced that the city's cross-border e-commerce customs declaration exports reached a staggering $1.46 billion, a remarkable year-on-year growth of 392 percent.

The month of March alone saw exports worth $1.05 billion, a remarkable increase of 410 percent compared to the previous month.

79.07 percent of Wenzhou's cross-border e-commerce exports from January to March used the "9710" format (direct exports by cross-border e-commerce companies to businesses).

Home renovation tools, automotive parts and accessories, home decor, kitchenware, and pet supplies accounted for 80.86 percent of the city's cross-border e-commerce exports.

During the period, a total of 172 companies in Wenzhou reported cross-border e-commerce customs declaration exports exceeding $3 million, accounting for an impressive 83.52 percent of the total export value.

The top five export destinations were the United States, Canada, the United Kingdom, Germany, and France, accounting for 63.59 percent of the city's total cross-border e-commerce exports.

Wenzhou's exports to countries involved in the Belt and Road Initiative and the Regional Comprehensive Economic Partnership accounted for 25.27 percent and 8.11 percent of the total, respectively. This represented an increase of 11.91 percent and 45.33 percent compared to the same period in 2022.

The rapid development of cross-border e-commerce in Wenzhou is closely tied to the city's continuous efforts to build overseas warehouses. As of March, Wenzhou had a total of 22 overseas warehouse enterprises operating 62 warehouses.