Global e-commerce volume hits $26.7 trillion in 2019

Global e-commerce volume reached $26.7 trillion in 2019, up 4% from 2018, a new report by the UN Trade and Development Agency (UNCTAD) revealed.

"The dramatic rise in ecommerce amid movement restrictions induced by COVID-19 increased online retail sales' share of total retail sales from 16% to 19% in 2020," the report said.

While the share of total e-commerce sales in global GDP was 30% in 2019, business-to-business sales reached $21.8 trillion, making 82% of all e-commerce.

Business-to-consumer sales were also up 11% over 2018, reaching $4.9 trillion in 2019, according to the report. Shamika Sirimanne, UNCTAD director of technology and logistics, said: "The statistics show the growing importance of online activities, that they also point to the need for countries, especially developing ones, to have such information as they rebuild their economies in the wake of the COVID-19 pandemic."

Asian markets mostly fell following a soft lead from Wall Street, hit by profit-taking and lingering inflation worries. With few catalysts to drive business, and Japan and China on holiday for most of the week, traders were easing back from their recent buying frenzy while there are also concerns the more than year-long rally may have gone a little too far.

Investment giant Warren Buffett instilled some unease after saying at the weekend that he expected the US economy was in "super high gear" thanks to massive Federal Reserve and government support but that it would fan inflation.

He said "people have money in their pocket and they're paying higher prices" and there was more inflation than expected six months ago. His comments revived concerns that the explosive recovery, vaccinations and easing of lockdowns would push up prices to the extent that the Fed would have to ease up on its market-supportive, ultraloose monetary policies.

Those worries continue to hover over trading floors despite Fed boss Jerome Powell's repeated insistence that they will not tighten policy until they are happy that unemployment has been tamed and inflation is running consistently hot for some time.

However, Dallas Fed president Robert Kaplan broke ranks with Powell on Friday as he said tapering could soon be considered. "We're now at a point where I'm observing excesses and imbalances in financial markets," he said. "I'm very attentive to that, and that's why I do think at the earliest opportunity I think will be appropriate for us to start talking about adjusting those purchases."