Covid-19 speeds up digital transition of global trade | The Business Standard
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Videos
    • TBS Graduates
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Long Read
    • Interviews
    • Offbeat
    • Tech
    • Magazine
  • বাংলা
The Business Standard

Friday
September 22, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Videos
    • TBS Graduates
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Long Read
    • Interviews
    • Offbeat
    • Tech
    • Magazine
  • বাংলা
FRIDAY, SEPTEMBER 22, 2023
Covid-19 speeds up digital transition of global trade

Global Economy

UNB/XINHUA
05 July, 2020, 09:15 am
Last modified: 05 July, 2020, 09:17 am

Related News

  • Global trade slows, but 'green goods' grow
  • The world's most painful trade is finally ending as dollar peaks
  • DAVOS 2023: WTO sticks with 1% projection for growth in global trade
  • Fresh fragility in global trade set to be revealed in 2023
  • China calls US 'destroyer' of global trading system at WTO

Covid-19 speeds up digital transition of global trade

Besides the severe adverse impacts on international logistics and liquidity pressure to small and medium-sized enterprises (SMEs), the pandemic accelerated the pace at which firms are becoming more digital-savvy

UNB/XINHUA
05 July, 2020, 09:15 am
Last modified: 05 July, 2020, 09:17 am
Photo: Xinhua
Photo: Xinhua

Despite bringing some challenges, the Covid-19 pandemic has created several opportunities for foreign trade companies to go digital.

Diane Wang, CEO of DHgate.com, a cross-border e-commerce site, made this remarks in an interview.

Besides the severe adverse impacts on international logistics and liquidity pressure to small and medium-sized enterprises (SMEs), the pandemic accelerated the pace at which firms are becoming more digital-savvy, Wang added.

"The digital divide has become more pronounced and wider than ever amid the crisis," said Wang adding that those are more prepared in terms of digitalization have shown more flexibility and resilience.

The coronavirus pandemic has dealt a huge blow to global trade.

According to Chinese Ministry of Commerce, the country's exports dropped 11.4 percent year on year in Yuan terms in the first quarter, as weak domestic production and sluggish external demand dampened activities.

Cross-border e-commerce, as a new business form, has seen rapid growth in recent years, with total retail exports via the channel jumping 60 percent year on year in 2019, data showed from the Ministry.

The country has rolled out a series of measures to encourage innovation in foreign trade to keep it stable.

In the first five months, the total value of retail exports via cross-border e-commerce increased by 12 percent, bucking the broader trade downturn.

As a B2B cross-border site, DHgate.com was also hit by the pandemic in Q1 before recovering in April and May, when the gross merchandise value increased by 30 to 40 percent year on year, according to the company.

The rebound was partly due to the company's efforts to help merchants bring their offline businesses online, Wang said.

During the virtual Canton Fair in June, the company assisted exporters in leveraging live streaming to market their products to global buyers, increasing their digital exposure.

However going online has become a new trend that all companies in the industry must embrace to survive, she said.

As the country rolls out more supportive policies such as more streamlined customs clearance for B2B e-commerce, the company is expected to receive a boost, Wang said.

Coronavirus chronicle / Top News / World+Biz

global trade / digital transition

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Will 10 crore eggs make any difference?
    Will 10 crore eggs make any difference?
  • The bridge at Dhanmondi 8 has been submerged in the rainwater on Thursday (21 September). Photo: TBS
    4 die from electrocution as live wire falls in rainwater in Mirpur
  • Rain water entered in many roadside shops in the city. This photo was taken from a shop in Zafrabad, West Dhanmondi on Thursday (21 September). Photo: TBS
    Heavy rain causes severe waterlogging in Dhaka

Related News

  • Global trade slows, but 'green goods' grow
  • The world's most painful trade is finally ending as dollar peaks
  • DAVOS 2023: WTO sticks with 1% projection for growth in global trade
  • Fresh fragility in global trade set to be revealed in 2023
  • China calls US 'destroyer' of global trading system at WTO

Features

Mountain gorillas are vulnerable species, only found in the willderness. Photo: Muntasir Akash

Against all odds: My encounters with mountain gorillas in Rwanda

11h | Earth
Photo: Saqlain Rizve

The quiet afterglow of Dhaka's overhead water tanks

16h | Panorama
Photo: Shovy Zibran

Maachh-bhaat for the soul: How Mariam nourishes hearts on the streets of Dhaka

1d | Panorama
Team Bored Tunnelers is a cross-institutional team consisting of six board members: (from let to right) Talha Zubair, Shaekh Mohammad Shithil, Fahin Uddin, Imran Khan, Shahriar Iqbal Mahim and Sibly Noman. Photo: Courtesy

Meet the Bangladesh team in Elon Musk's Not-a-Boring Competition finals

1d | Pursuit

More Videos from TBS

After almost two months, the Ukrainian grain ship left the Black Sea port

After almost two months, the Ukrainian grain ship left the Black Sea port

6h | TBS World
Revenue collection rises 15% in first two months of FY24

Revenue collection rises 15% in first two months of FY24

3h | TBS Economy
Fans call for Amir’s inclusion after Naseem Shah's injury

Fans call for Amir’s inclusion after Naseem Shah's injury

4h | TBS SPORTS
The need for a circular economy in Bangladesh

The need for a circular economy in Bangladesh

7h | TBS Face to Face
EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]