S. Korea's e-commerce sales grow slowest amid slowdown

SEOUL, May 26 (Yonhap) -- South Korea's e-commerce sales grew at the slowest pace
in history during the first quarter of this year, hit by a protracted economic
slump, a government report showed Tuesday.

On-line transactions amounted to 149.2 trillion won (US$119.4 billion) in the
January-March period, up 7.1 percent from a year earlier, according to the report
by the National Statistical Office. From a quarter earlier, transactions declined
10.3 percent.
The year-on-year rise was the slowest since 2001 when related data started to be
compiled, the report showed.
B2B online transactions declined 0.8 percent to 127.3 trillion won from a year
earlier, the first contraction in record.
Business-to-government deals, however, surged 152.4 percent to 17.6 trillion won
thanks to expanded state-led spending for an economic recovery, while
business-to-customer sales rose 5.9 percent to 3.2 trillion won, the report
showed.
South Korea's economy is expected to post the first minus growth in more than a
decade this year as a deepening global recession dents exports and weakens
consumer sentiment.
kokobj@yna.co.kr
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