SG retail exporters sell to 41 intl mkts in a year: eBay
Singapore’s retail exporters sell to an average 41 international markets – ranked second in South East Asia behind Thailand and five destinations higher than US retail exporters. Retail exporters are defined as eBay sellers with USD 10,000 in sales to global customers (buyers outside of Singapore).
According to an eBay report on commerce, trade between Singaporean businesses with consumers around the world via its online marketplaces has been experiencing a solid growth on the back of a revitalised US dollar.
“The US is the top trade corridor for Singaporean retail exporters and the strengthening US dollar has been a key driver of growth,” said Jason Lee, Director, eBay South East Asia.
About 22 per cent of Singaporean retail exporters on eBay are newcomers who hit the USD 10,000 sales mark in the past year alone. This highlights the speed in which Singapore entrepreneurs are able to become a retail exporter.
“This demonstrates the huge opportunity for savvy entrepreneurs seeking a global customer base as compared to traditional exports, which has typically been limited to larger businesses. We are seeing an increasing number of success stories from Singapore – SMEs selling on eBay’s US, UK, Australia and other global marketplaces,” said Mr Lee.
The study also highlights that eBay retail exporters from Singapore reach an average of 41 international markets, second highest in South East Asia. South East Asian regional retail exporters reach an average of 33 international markets, more than other regional blocs such as NAFTA with an average of 27, and EU28 with an average of 17.
The top five destinations for traditional (offline) exporters are Malaysia, China, Hong Kong, Indonesia and the US. However, the top five destinations for eBay retail exporters are the US, UK, Australia, Germany and Canada.
According to the study, the main products sold by eBay commercial sellers from Singapore are jewellery & watches, cell phones & accessories and clothes, shoes & accessories.
Speaking about the importance of SMEs, Mr Lee added, “SMEs form the backbone of Singapore’s economy, and eBay aims to help local SMEs and entrepreneurs by providing them with a platform where they can not only have a local presence but more importantly, deliver goods and services on an unprecedented global scale. This is very much in line with the government’s emphasis on innovation and internationalisation, which is central to economic restructuring.”
“Since entry barriers for Internet-enabled trade are lower, it is easier for newcomers to enter the market and for commerce enabling platforms such as eBay to have a pro-competitive effect. We have been working closely with the Economic Development Board (EDB), SPRING Singapore and the Infocomm Development Authority of Singapore (IDA) to help SMEs in Singapore further expand retail exports,” concluded Mr. Lee.
