E-commerce is becoming an increasingly important part of the Australian economy, contributing billions to the country’s Gross Domestic Product (GDP). A recent Shopify report has ranked Australia’s e-commerce merchants among some of the most successful in terms of GDP contributions. This success comes despite stagnation in export volumes.
The report shows that Australian e-commerce merchants have seen their contribution to GDP grow by more than 10% year on year since 2017, with total revenue now reaching AUD 13 billion annually. The growth has been driven largely by domestic sales, which account for over 80% of total revenues and are continuing to increase at a steady rate.
However, exports remain stagnant due to trade tensions between Australia and its major trading partners, such as China and India. These countries account for almost two-thirds of all exports from Australia’s online stores but have experienced slowdowns due to political issues or economic downturns over recent years. Despite this challenge, many businesses are still managing healthy profits thanks largely to strong domestic demand for products sold online within Australia itself.
Overall, it appears that while export volumes may be lagging behind expectations, e-commerce continues its impressive growth trajectory within our borders – making it an increasingly important contributor to our nation’s overall GDP figures each year.