Cross-border e-commerce has become a new growth engine for the high-quality development of Shenzhen’s foreign trade, according to a Shenzhen Special Zone Daily report.

In 2023, Shenzhen’s cross-border e-commerce imports and exports increased 75.20% year on year to exceed 300 billion yuan (US$41.70 billion), a new record high and further consolidating Shenzhen’s status as a leader in the country’s cross-border e-commerce trade, the report said.

The number of cross-border e-commerce export firms in Shenzhen has now jumped beyond 150,000, accounting for almost half of the Chinese sellers on online platforms including, AliExpress, Lazada and eBay, the report said, adding that one-third of Chinese sellers on Amazon are based in Shenzhen.

Currently, Shenzhen has six national-level e-commerce firms, five national-level e-commerce bases and seven provincial-level cross-border e-commerce firms. Shenzhen has nurtured 10 listed cross-border e-commerce firms, ranking first in the country. Shenzhen companies also operate more than 100 websites focusing on cross-border e-commerce trade, according to the report.

Shenzhen firms have built and operated more than 350 overseas warehouses globally, with combined construction area of more than 3.8 million square meters and ranking among the top in the country. Among the 21 provincial-level public overseas warehouses in Guangdong, 17 are built and operated by Shenzhen firms.

In addition to developed countries and regions, Shenzhen firms have also seen rapid growth in the construction and operation of overseas warehouses in “Belt and Road” countries, with an area of more than 630,000 square meters, especially in Southeast Asia and the Middle East, as per the report.

All-cargo flight destinations at Shenzhen airport have reached 59. Among the flights, there are nine dedicated cross-border e-commerce routes, reaching cities such as Paris and London. The city’s ports have seen 24 cross-border e-commerce maritime express lines, with an average transportation time reduced by more than 20% compared with traditional routes. Shenzhen’s Sino-Europe freight rail service has 18 export routes reaching 41 countries and regions in Europe and Asia.