South Korean online transactions hit record numbers in Q3 2008: USD 110 billion, up 34%
According to data released by the National Statistical Office, in the period ending September 2008, South Korean e-commerce registers a record of USD 110 billion (KRW 167 trillion) in turnover, growing by 34 percent year-on-year and by 6 percent over Q2 2008.
This is the highest increase since data began to be gathered in 2001. The growth is attributable to a climb by 33 percent in business-to-business (B2B) transactions from Q3 2007 to USD 100 billion (KRW 151 trillion), representing more than 90 percent of all e-commerce.
Business-to-government (B2G) deals have registered a higher increase (53 percent), while business-to-consumer (B2C) transactions have jumped 17.5 percent to USD 3.05 billion (KRW 4.6 trillion).
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