The Philippines ranked first in retail e-commerce growth in 2022 among Southeast Asian countries, with a 25.9% increase, according to an Asian Development Bank (ADB) report.
The report, published in November 2023, notes that the Southeast Asian e-commerce market is still in its early stages of development, but it is growing rapidly at a faster pace than other Asian economies. The report cites a 2022 Cramer-Flood report, which found that the Southeast Asian subregion’s growth of 20.6% in retail e-commerce in 2022 was the highest of any economy or region in the world.
Only four economies reported faster growth rates than Southeast Asia as a whole, and two of those were in the subregion itself: the Philippines and Indonesia.
The ADB report attributes the rapid growth of e-commerce in Southeast Asia to the surge in digital consumers since the start of the pandemic.
The report also notes that five economies in the region—Indonesia, Malaysia, the Philippines, Thailand, and Vietnam—are expected to rank among the top 10 markets worldwide in retail e-commerce sales growth by the end of 2022.
Source: PhilNews24 | November 14, 2023
