Globally, GMV grew 4.8% during the quarter to $22.72 billion. Additionally, eBay’s CEO Devin Wenig says President Trump’s proposed postal plans won’t have a big impact on its inventory from China.
The gross value of goods sold on eBay Inc.’s U.S. marketplace increased 2.6% year over year to $9.01 billion from $8.78 billion in the third quarter ended Sept. 30, the online marketplace reported Tuesday. This is the lowest growth in U.S. GMV since Q3 2015.
Original by Fareeha Ali | Internet Retailer | Oct 31, 2018
Globally, total gross merchandise volume grew 4.8% to $22.72 billion from $21.68 billion in the same quarter a year ago.
GMV growth slowed both in the U.S. and globally compared with the last several quarters. The strong U.S. dollar and slower adoption from consumers on recent initiatives led to sluggish growth, executives said on a call with investors.
In recent weeks, President Donald Trump has suggested the U.S. Postal Service withdraw from a 192-nation postal treaty—the treaty that makes shipping goods directly to consumers from China cheap.
The treaty sets fees that national postal services charge to deliver mail and small packages from other countries and gives poor and developing markets lower shipping rates than developed nations.
The agreement—and another one that China and the U.S. signed in 2011—has essentially given Chinese merchants a $170 million annual subsidy to ship products directly to American homes, Bloomberg reports.