eBay and US Department of Commerce partner to drive US exports and trade

Friday 28 February 2014 00:31 CET | News

The US Department of Commerce has entered a partnership with US-based eBay to support US trade and investment expansion.

As per the agreement, which ends in December 2014, eBay and the US Department of Commerce (DOC) will work together on adapting existing legislation and drafting new proposals aimed at assisting small businesses overcome current challenges around exporting and cross-border trade. Small businesses face a number of export challenges, such as international shipping rates, security concerns, and numerous layers of customs regulation and taxes.

According to Secretary of Commerce Penny Pritzker, cited by online media outlet Business Wire, in a globally-connected economy, American companies have to consider the entire marketplace as they look to grow their businesses and create jobs. 95% of worldwide consumers live outside the US borders. Whether they are large or small, American businesses cannot afford to limit their options when it comes to selling their goods and services.

In 2013, eBay enabled more than USD 45 billion in cross-border trade commerce and payments. An eBay study analyzing trade flow data from eBay’s marketplace found that 97% of US commercial sellers on eBay export. Of these small businesses, 81% export to five or more foreign countries. A recent PayPal/Nielson report estimates cross-border demand for online retail of American products was worth USD 23 billion in 2013 and is expected to grow to USD 83 billion by 2018, creating a tremendous opportunity for small businesses and entrepreneurs across the world to tap into this demand.

In recent news, eBay and PayPal have launched apps for the second generation Samsung’s Gear 2 smart watches to enable mobile commerce.

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Keywords: eBay, Department of Commerce, US, ecommerce
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce