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S. Korea's e-commerce sales hit all-time high

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CIOL Bureau
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SEOUL: South Korea's e-commerce sales hit an all-time high last year due to a surge in cyber transactions between businesses, a government report showed on Thursday.

Online commerce transactions reached 999.25 trillion won ($885.62 billion) in 2011, up 21.2 per cent from a year earlier, according to the Statistics Korea.

Business-to-business sales, which account for more than 90 per cent of total sales, mainly attributed to the record level of cyber transactions. B2B transactions expanded 22.1 per cent year-on-year to 912.56 trillion won in 2011, while business-to-government deals grew 10.6 per cent to 58.38 trillion won, reported Xinhua.

Business-to-consumer transactions jumped 15.7 per cent year-on-year to 18.52 trillion won last year, with consumer-to-consumer (C2C) sales advancing 14.8 per cent to 9.79 trillion won.