Spending on Australian e-commerce has risen 15.2% year on year to $4.98 billion in the last quarter, according to the latest eWay Online Retail Report.
But purchases by foreigners on Australian websites have increased at an even faster rate – up 26% on this time last year. This is a large reason why Australia is ranked 10th in the world in e-commerce.
When you look at the breakdown of Australia’s top e-commerce export countries, there is potentially a lot of room for movement.
The list is dominated by countries Australia has recently negotiated free trade agreements with.
Notably, New Zealand, the United States, Singapore and Canada – all part of the Trans Pacific Partnership.
The Trans Pacific Partnership includes measures aimed at e-commerce, as a US Trade Representative explained to the Australian Financial Review.
“TPP includes cutting-edge rules to promote internet-based commerce – a central area of American leadership.”
“[It] prohibits the imposition of customs duties on electronic transmissions, and prevents TPP Parties from favouring national producers or suppliers of such products through discriminatory measures or outright blocking.”
So as measures in the TPP are slowly rolled out, it looks like good times ahead for Australian e-commerce.