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Online commerce sales top 279 tln won in Q1

All Headlines 12:00 May 25, 2012

SEOUL, May 25 (Yonhap) -- South Korea's online commercial transactions soared in the first quarter of this year as more businesses and consumers used the Internet to buy products and services, a government report showed Friday.

The combined sales of local cyber shopping malls and other online businesses reached 279.4 trillion won (US$236.9 billion) in the January-March period, up 26.5 percent from a year earlier, Statistics Korea said in the report.

The total transaction size is the second largest after 286.0 trillion won tallied in the previous quarter. The on-year gain is also the highest reported since 27.6 percent reported in the July-September period of 2010.

"The increase reflects greater use of the Internet to conduct business transactions and buy goods," the office said.

According to the report, business-to-business (B2B) transactions, which accounted for nearly 92.6 percent of all sales, jumped 27.7 percent on-year to over 258.6 trillion won, with business-to-government (B2G) transactions rising 14.0 percent to 13.3 trillion won.

Transactions between consumers also surged 29.8 percent on-year, while business-to-consumer deals moved up 3.0 percent.

Despite the on-year gains, the latest findings showed transaction volume falling 2.3 percent from the fourth quarter of 2011, mainly due to seasonal factors and less orders placed by the government.

B2G and B2B contracted 30.4 percent and 0.2 percent, respectively, from the previous quarter, with transactions between consumers dropping 7.2 percent.

Statistics Korea said there is generally a lull in government buying in the first quarter, while sluggish economic gains hurt transactions with consumers.

yonngong@yna.co.kr
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