Online Malls' Sales Soar Thanks to Chinese Customers

Chinese customers are proving the mainstay of Korean online shopping malls, with revenues from overseas doubling over the past year.

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Statistics Korea on Wednesday said the total sales of Korean online shopping malls amounted to a record W551.2 billion in the third quarter, up a whopping 105 percent compared to the same period of 2015 (US$1=W1,146).

The previous record was set in the first quarter with W507.1 billion.

The surge stems from customers in China, who spent W437.1 billion on Korean products online in the third quarter, up 152 percent on-year. That accounts for 79 percent of their total overseas revenues. Purchase also rose from the U.S. (up 22 percent), Japan (up 16 percent) and the EU (up 52 percent).

The most popular products were cosmetics, accounting for 74 percent of overseas sales and up more than six-fold from just W62.7 billion in the third quarter of 2014 to W407.7 billion.

Purchases by Koreans from overseas websites also rose 15 percent to W447.3 billion, with purchases from the U.S. making up 63 percent. Clothes accounted for the largest portion or 36.7 percent.