South Korea e-commerce sales pass $1T

Business-to-business transactions helped push e-commerce sales in the country last year to 1,144 trillion won (US$1.05 trillion), the highest amount recorded since 2001.

South Korea's e-ecommerce sales last year surged to an all-time high of 1,144 trillion won (US$1.05 trillion), thanks to increased transactions between businesses online.

This was a 14.5 percent jump from 999.6 trillion won (US$920 billion) in 2011, Yonhap News Agency reported Tuesday, citing Statistics Korea (KOSTAT). It added that the sales figure was also the largest since the government agency began collecting e-commerce data in 2001.

South Korea e-commerce sales in 2012 hit a record high.

According to KOSTAT, online transactions increased across all categories in 2012.

Business-to-business (B2B) sales accounted for more than 90 percent of all online transactions, hitting 1,051 trillion won (US$967 billion) and up 15.1 percent from the year before. Business-to-government (B2G) sales reached 62.26 trillion won (US$57.3 billion), up by 6.6 percent from the previous year.

Business-to-consumer (B2C) sales increased 6 percent to register 19.64 trillion won (US$18.1 billion), while consumer-to-consumer (C2C) sales leaped 20.6 percent to hit 11.8 trillion won (US$10.9 billion).

KOSTAT also pointed out that consumer online shopping, comprising B2C and C2C sales, grew 11.3 percent to 32.35 trillion won (US$29.8 billion) in 2012.