Global e-commerce trade hits $5.8 trillion, Türkiye eyes larger share in exports: Minister

Global e-commerce trade reached a record high of $5.8 trillion in 2023, and Turkiye is eyeing to grab more of the global market share, with expectations that the figure will climb to $6.3 trillion by the end of 2024, Turkish trade minister said at an e-commerce summit in Istanbul, Azernews reports citing Anadolu Agency.

Omer Bolat emphasized the vast potential of e-commerce, noting its critical role in digital transformation and its rapid expansion since the pandemic, becoming an essential component of modern business practices.

The minister highlighted that 49.5% of Turkiye’s population ordered goods and services online last year, with the country's e-commerce trade volume surging from $3.9 billion in 2019 to $53.9 billion in 2023. The number of e-commerce businesses grew by 717% during the same period, rising from around 68,000 to 559,400.

Türkiye’s e-commerce exports accounted for 0.91% of total goods exports in 2022, and this figure has risen to 2.6% so far in 2024. Bolat projected that it will reach 3% by the end of the year.

As part of Turkiye’s development plan, the country aims to increase its share of e-commerce exports to 10% of total goods exports by 2028, Bolat said.

He said in 2023, Turkiye’s total trade volume was approximately $1.7 trillion, with retail trade contributing $306.2 billion, making up 17% of the total.

Bolat also noted that the Ministry of Trade is working to establish a competitive and sustainable environment in the retail sector, with new regulations aimed at fostering balanced growth for businesses.

He added that recent consumer protection laws have introduced stronger rights against fraud, including the right of withdrawal for goods and services. The government is also focusing on increasing women’s participation in commerce and enhancing the competitiveness of e-commerce marketplaces and exports.

Bolat further noted that efforts are underway to monitor price gouging and stockpiling in sectors such as food, grocery stores, real estate, automotive, and jewelry.