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E-Commerce Sales Increase in 2nd Quarter
November 5, 2004
Electronic commerce sales have risen 11.9% in the 2nd quarter, as trade volume reaches 77.66 trillion won ($67.79 billion dollars), said a report from The National Statistical Office on October 17. Compared to the same time a year ago, business transactions on-line have swelled 35 percentage points.
The NSO report showed that although business-to-consumer (B-to-C) transactions have declined 5.4 percent this year from the first quarter, the business-to-business (B-to-B) e-commerce area showed a gain of 10.2 percent and business-to-government transactions climbed 33.3 percent. B-to-B transactions grew 6.25 trillion won from the first to the second quarter and accounted for 87.1 percent of the total growth. Business-to-government transactions accounted for 10.7 percent of total growth with sales reaching 2.06 trillion won.
The reason for such increases, especially in B-to-B transactions, is because of the long-term stable relationships provided by e-commerce to provide necessary components, raw materials and subsidiary materials. The business-to-government area increased because of the sharp growth experienced by state-run agencies and corporations in the second quarter. Sales totaled 8.27 trillion won. This growth is the result of the government's plan to spend more than 50 percent of its budget in the first half of the year instead of the second half.