Singapore companies register growth in online exports - report

Thursday 13 March 2014 11:59 CET | News

Singapore companies have registered higher volumes in cross-border online transactions, growing 38% in 2013, according to a report commissioned by PayPal.

According to data, local merchants running on the PayPal platform saw a 26% increase in 2013 over 2012 in online exports to the US market. Australia pushed volumes up by 48% in 2013, while the UK ranked third-biggest drove online exports by 38%.

Results show that Singapore merchants witnessed a growth in online exports from China, at 148% year-on-year. Hong Kong clocked a growing rate of 85%, followed by France at 63%, and Israel at 57% with Thailand rounding off at 54%.

Non-oil domestic exports from Singapore fell 0.6% in 2013, compared to the growing volumes for online exports. Cross-border transactions currently account for 25% of PayPal’s overall business.

In 2013, PayPal processed payments worth USD 180 billion worldwide, up 24% over 2012, and 15% of this volume was driven by mobile payments accounting for about USD 27 billion. There are over 143 million active PayPal users in 193 markets globally.

PayPal has more than 500,000 active users in Singapore, which make up the company’s over 10 million accounts in the Asia-Pacific region, including China, India, and Australia.

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Keywords: Singapore, ecommerce, growth, report
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce