Canada is losing more than a billion dollars a year in overlooked taxes and duties on goods that Canadian consumers buy online from foreign retailers, according to a new study. Sales tax is collected on just 25 per cent of e-commerce postal imports into Canada, whereas import duties were collected on only 6 per cent of e-commerce postal imports. The study found that postal sales tax collection was higher on more expensive items, averaging about $200 versus lower priced items, where it was collected on three per cent of items. //Imagine how much freight forwarders profit from this
[South Korea] Chinese driving Korean online industry
A growing number of Chinese customer helps drive South Korea’s online sales in recent months amid China’s retaliation against South Korea over the deployment of an advanced US missile defense system. GMarket said its sales to Chinese consumers grew 18 percent in 2016 from a year earlier, and the trend is similar for the first two months of this year.
[LVMH] LVMH goes digital with all its brands under one luxury goods site
LVMH, the world’s largest luxury goods company by revenue, plans to launch a website in May that will be branded as its department store Le Bon Marché. It will offer labels from the group’s own stable as well as distributing non-LVMH brands. While ecommerce is still a relatively small portion of sales in the global luxury goods market at 7 per cent, it will expand to 12 per cent by 2020, according to Boston Consulting Group estimates from September 2016.
[Middle East] Amazon appears to be interested, again, in Dubai’s Souq.com
Amazon.com Inc. restarted talks to acquire Dubai-based Souq.com for as much as $650 million after walking away from the deal earlier this year, people familiar with the matter said.
[Mexico] Amazon Prime launches in Mexico
Amazon Prime is now available in Mexico. The service will offer unlimited free shipping on over 20 million items for the price of 449 pesos ($23) for the first year, before rising to the standard price of 899 pesos ($46) the following year. Mexico is Latin America’s second-largest economy, behind Brazil, with online sales expected to reach $6 billion by 2018, up from $2.9 billion in 2015.