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 Thursday.
Online commerce transactions reached 999.25 trillion won ($885.62 billion) in 2011, up 21.2 percent from a year earlier, according to the Statistics Korea.
Business-to-business sales, which account for more than 90 percent of total sales, mainly attributed to the record level of cyber transactions. B2B transactions expanded 22.1 percent year-on-year to 912.56 trillion won in 2011, while business-to-government deals grew 10.6 percent to 58.38 trillion won, reported Xinhua.
Business-to-consumer transactions jumped 15.7 percent year-on-year to 18.52 trillion won last year, with consumer-to-consumer (C2C) sales advancing 14.8 percent to 9.79 trillion won.