BEIJING (REUTERS) - Alibaba and JD.com said the United States was the top seller of goods to China during the Singles' Day shopping extravaganza that generated about US$116 billion (S$156.5 billion) in merchandise volume for the pair.
Singles' Day is usually a one-day sales event, the world's biggest, eclipsing Black Friday and Cyber Monday in the US. Many online companies offer deals at the event.
This year, companies including Alibaba Group Holding and JD.com offered promotions over several days, with sales widely interpreted as indicative of China's rebounding post-virus economy.
Customers, unable to travel abroad because of the Covid-19 pandemic, snatched up deals from brands including Huawei Technologies and Fast Retailing's Uniqlo.
Alibaba generated gross merchandise volume (GMV) of 498.2 billion yuan (S$101.6 billion). JD.com, which recorded 271.5 billion yuan in GMV, told Reuters on Wednesday that best-selling products included Apple iPhones, L'Oreal's Lancome toner and 60-inch smart LCD TVs from Sharp.
Alibaba offered promotions in two windows starting Nov 1 but calculated GMV over 11 days. JD.com offered deals Nov 1 through Nov 11.
The event was overshadowed by news that China aimed to propose anti-monopoly rules for internet platforms.
Alibaba's Hong Kong-listed stock, which took a beating when regulators scuppered the listing of fintech affiliate Ant Group, dropped another 10 per cent on Wednesday. It was up 3 per cent around midday Thursday.
Alibaba said other top-selling countries this year included Australia, Germany, Japan and South Korea. Over 470 firms exceeded 100 million yuan in GMV. Last year, Alibaba merely named Japan and the United States among biggest sellers.
Alibaba clocked GMV of US$38.4 billion in a single day last year and said 299 brands surpassed 100 million yuan in GMV, including Nestle and Under Armour.