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On the morning of July 15, the National Bureau of Statistics released the national economic operation data for the first half of 2024. According to preliminary calculations, the GDP in the first half of the year was 61,683.6 billion yuan, a year-on-year increase of 5.0% at constant prices.

In terms of imports and exports, in the first half of the year, the total value of my country's import and export of goods was 21.17 trillion yuan, and the scale of trade reached a new high, an increase of 6.1% year-on-year.

Among them, cross-border e-commerce has become a vital force in the development of my country's foreign trade and an important trend in the development of international trade. The development of cross-border e-commerce, on the one hand, reduces the intermediate links, making "buying and selling globally" more convenient; on the other hand, it also promotes the optimization of foreign trade structure and the stability of scale.

In 2024, the "Four Little Dragons" of cross-border e-commerce represented by Temu, TikTok Shop, Alibaba Overseas E-commerce, and Shein have raised their respective transaction growth targets in the growing market, reaching 233%, 150%, 125% and 40% respectively.

According to recent news, Shein will apply for an initial public offering (IPO) in London, which may become the second largest IPO in the UK's history.

Cross-border e-commerce is setting sail overseas

After more than 20 years of development, my country's cross-border e-commerce exports have entered a new stage of deepening the domestic supply chain.

According to data released by the General Administration of Customs, the total value of domestic imports and exports in 2023 was 41.76 trillion yuan, a year-on-year increase of only 0.2%. However, cross-border e-commerce data was impressive, with a total import and export value of 2.38 trillion yuan, a year-on-year increase of 15.6%, and its share of my country's total foreign trade imports and exports gradually increased. Among them, exports were 1.83 trillion yuan, an increase of 19.6%.

In the first quarter of 2024, the total import and export volume of my country's cross-border e-commerce was 577.6 billion yuan, a year-on-year increase of 9.6%, of which exports were 448 billion yuan and imports were 129.6 billion yuan.

According to preliminary statistics from various regions, there are more than 120,000 cross-border e-commerce entities in the country, more than 1,000 cross-border e-commerce industrial parks, and more than 2,500 overseas warehouses with an area of ​​more than 30 million square meters. Among them, there are more than 1,800 overseas warehouses dedicated to serving cross-border e-commerce, with an area of ​​more than 22 million square meters.

The rapid development of cross-border e-commerce cannot be separated from the strong support of policies. Recently, the Ministry of Commerce, the National Development and Reform Commission, the Ministry of Finance, the General Administration of Customs and other nine departments issued the "Opinions on Expanding Cross-border E-commerce Exports and Promoting the Construction of Overseas Warehouses" (hereinafter referred to as the "Opinions"), launching 15 measures to expand cross-border e-commerce exports, optimize the layout of overseas warehouses, and accelerate the cultivation of new foreign trade momentum.

The "Opinions" propose to encourage local governments to support traditional foreign trade enterprises in developing cross-border e-commerce based on their unique advantages, and to establish a marketing service system that integrates online and offline, and links domestic and foreign markets.

Among the top 20 cross-border e-commerce cities in the country, Zhejiang, a major foreign trade province, occupies three of them.

As the first comprehensive pilot zone for cross-border e-commerce, Hangzhou is mainly dominated by well-known cross-border e-commerce platforms such as AliExpress, Alibaba, Amazon, and Ebay. In 2023, Hangzhou's cross-border e-commerce achieved significant growth, with total imports and exports reaching 140.04 billion yuan for the whole year, a year-on-year increase of 16.4%, consolidating its leading position in the country. In the first half of 2024, Hangzhou is expected to continue to maintain the growth momentum of cross-border e-commerce, with the goal of achieving an annual import and export volume of 150 billion yuan.

Ningbo's cross-border e-commerce platform has also achieved significant import and export growth. In 2023, Ningbo's cross-border e-commerce import and export volume reached 230.18 billion yuan, a year-on-year increase of 14.8%, showing that cross-border e-commerce has become a new driving force for Ningbo's foreign trade development. In the first half of 2024, Ningbo's cross-border e-commerce import and export volume increased by 16.1% year-on-year, and the export volume of special areas increased by more than 90%.

Yiwu's cross-border e-commerce platform showed strong growth momentum in 2023 and the first half of 2024, with continuous optimization of commodity structure and diversified development of the trade market. Cross-border e-commerce and market procurement trade methods have become an important force in promoting the development of foreign trade.

Listed companies "flex their muscles"

According to data from Tonghuashun, in the first quarter of this year, there were 218 listed companies in the A-share cross-border e-commerce concept sector. Among them, there were 42 listed companies from Zhejiang, covering different industries such as transportation, pharmaceuticals and biology, machinery and equipment, textiles and clothing, trade and retail, and light manufacturing.

Wuchan Zhongda is "a leader in the industry". The company has been listed in the Fortune Global 500 for many consecutive years, is a leader in China's supply chain integration services, is a large-scale state-owned holding enterprise group in Zhejiang Province, and is the only listed company among its peers in China to be selected into the Goldman Sachs New Nifty 50.

In 2023, Wuchan Zhongda Smart Supply Chain Integration Service will achieve operating income of 542.216 billion yuan, accounting for 93.46% of the company's operating income; total profit of 4.427 billion yuan, contributing 60.65%. Among them, the operating scale of core businesses such as metals, energy, chemicals, and automotive services are among the top in the country. For the development in 2024, the company's budgeted total operating income is 585 billion yuan, and the total operating cost is controlled within 579.127 billion yuan.

Chuangyuan's main products include six categories: fashion stationery, handmade puzzles, social emotions, sports and fitness, home life and others, including more than 90 product series. The company continues to make efforts in market expansion, while deepening its presence in the North American market, it is actively exploring markets in other countries such as Europe and Australia.

In recent years, the company's cross-border e-commerce business has developed rapidly, especially the sporting goods sector led by its subsidiary Ruitui. According to the disclosure, in 2023, Ruitui in the United States facilitated a total of 189,600 orders and a total sales of US$27.2286 million, of which US$18.4705 million was sold through the US Amazon website, an increase of 25.26% in US dollars compared with the same period last year; and US$8.7581 million was sold through the official website, an increase of 19.42% in US dollars compared with last year.

Junhe Co., Ltd. is a leading domestic manufacturer of household water pumps. Since its establishment in 2003, it has been focusing on the research and development, design, manufacturing and sales of household water pumps and their accessories. Its main products include four series: submersible pumps, garden pumps, fountain pumps and deep well pumps. Its products are exported to Europe, America, Oceania and other regions. It is one of the leading domestic exporters of household water pumps.

In recent years, the company has achieved positive results in the development of its own online brands such as Amazon, and achieved revenue of 19.9813 million yuan in 2023, a year-on-year increase of about 60%. In January 2024, the company ushered in the official opening of its first offline store, marking the formal formation of a complete closed loop in the company's international and domestic sales ecosystem, opening up a broader development space and opportunities for the company.