HANGZHOU, China, Dec. 03, 2024 — A new report from the Global Digital Trade Expo Organizing Committee and the International Trade Center (ITC) shows significant growth in global digital trade. In 2023, this volume reached $7.13 trillion, a substantial increase from $6.02 trillion in 2021, representing an 8.8% annual growth rate. This underscores the increasing importance of digital trade in the global economy.

China’s continued innovation and strengthened global trade partnerships are highlighted, with the report listing the EU, US, and China as the top three digital trade leaders. Furthermore, a separate report on China’s digital trade development reveals that digitally deliverable service trade reached 1.42 trillion yuan in the first half of 2024, a 3.7% year-on-year increase. Cross-border e-commerce imports and exports also saw growth, totaling 1.22 trillion yuan, a 10.5% rise compared to the previous year.

The 3rd Global Digital Trade Expo (GDTE), held in Hangzhou, China in September 2024, played a key role in fostering this growth. As China’s only national-level international exhibition dedicated to digital trade, the event achieved considerable success, including:

  • Attracting 1,546 companies from 123 countries and regions.
  • Over 200,000 attendees.
  • The successful signing of 113 projects totaling 165.08 billion yuan.
  • 2,995 exhibitors showcasing over 2,300 exhibits via the “Digital Trade Online” applet.
  • 1.56 million applet recommendations to attendees.
  • The applet’s collaboration with platforms like Amazon Global Store and Alibaba International Station to launch “cross-border e-commerce services.”

Digital trade, a fusion of digital technology and international commerce, signifies a new era in global trade. The GDTE will continue to promote global digital trade, foster international collaboration, share accomplishments, and build a thriving global digital trade ecosystem.

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