Core Insights - The cancellation of the T86 exemption policy by the U.S. has significantly impacted cross-border e-commerce, pushing sellers to seek new markets while facing increased operational challenges [1][2][5] - Companies like SHEIN and Temu, which previously benefited from the exemption, are now experiencing a decline in user engagement and are accelerating their expansion into overseas markets [2][3] - Emerging markets such as Japan, Europe, and Latin America are being considered for expansion due to their growth potential, although challenges like compliance and logistics remain [3][4][5] Group 1: Market Dynamics - The U.S. has reduced the tax exemption for small packages, leading to a shift in the business model for cross-border sellers [1][2] - SHEIN and Temu have seen significant drops in daily active users, with SHEIN's U.S. monthly active users decreasing by 30% in May compared to March [1][2] - The cancellation of the exemption policy has forced companies to adapt quickly, with many looking towards markets like Japan, which offers lower logistics costs and a high consumer acceptance rate [3][4] Group 2: Regional Opportunities - Japan is emerging as a preferred market due to its proximity, high consumer income, and low return rates, making it attractive for cross-border sellers [3][4] - The European market presents strong consumer purchasing power but comes with complex compliance requirements, such as VAT registration [4] - Latin America, particularly Brazil and Mexico, is showing rapid growth in e-commerce, with expected revenue growth rates of 17.6% and 19% respectively [4][5] Group 3: Operational Challenges - The shift from fully managed to semi-managed models increases operational burdens on sellers, requiring them to handle logistics and customs themselves [7] - The need for local warehousing and the associated costs pose significant challenges, especially in distant markets like Latin America [4][6] - Companies must now focus on localizing their operations and understanding consumer behavior to remain competitive in the evolving landscape of cross-border e-commerce [7][8]

Core Insights - In May 2025, China's exports of low-value small packages to the U.S. plummeted by 40% year-on-year, reaching $1.09 billion, marking the lowest level since early 2023 [1] - The cancellation of the T86 policy, which previously allowed Chinese direct mail packages to bypass tariff barriers, has resulted in a maximum tax rate of 54% on exports to the U.S. [1] - Despite the decline in U.S. exports, China's total global exports of direct mail packages increased by 40% year-on-year in May 2025, indicating a shift in market dynamics [1] Group 1: Market Dynamics - The T86 policy allowed over 1.3 billion goods to enter the U.S. in 2024, but its removal has significantly impacted the cost structure for Chinese exporters [1] - Major platforms like SHEIN and TEMU are adjusting their strategies, with SHEIN raising product prices and TEMU halting direct shipments to the U.S. [1] Group 2: Alternative Markets - In May, China's small package exports to Malaysia exceeded $700 million, making it the second-largest market, with Belgium and Hungary also emerging as alternative markets due to their customs efficiency and cost advantages [3] - The rise of the China-Europe Railway Express has provided shorter transport times and lower logistics costs for shipments to Belgium and Hungary [5] Group 3: Strategic Adjustments - Companies are restructuring logistics by pre-stocking goods in U.S. warehouses to avoid tariff costs and reduce delivery times to within three days [5] - There is a shift towards higher-margin products such as smart home devices and self-branded items, while also expanding B2B operations through platforms like Amazon and Alibaba [5] - Direct mail packages to Malaysia can benefit from regional free trade agreements to reduce tariffs, enhancing competitiveness in that market [5]

文｜《好博会》报道组 闫妍 人物：浙江中发进出口有限公司CEO杨舒霞 浙江义乌国际商贸城的午后，两位风尘仆仆的跨境卖家穿过人声鼎沸的过道，径直走向杨舒霞 的档口 —— 他们专程赶来 义乌 ，为北美市场寻找新兴的国产个护家电。 " 这款 我们是 在法国卖爆的智能卷发器。 " 杨舒霞利落 拿起货架中的一款 样品，指尖轻点着 温度显示屏。短短几分钟的交谈，她已敏锐捕捉到客人的核心诉求：北美 Z世代追求 " 快时尚 美容 "， 要满足 高颜值、易操作 ， 且 要品质与创新并重的产品 。 90天的关税窗口期，美国客户纷纷开启"囤货模式"，杨舒霞这段时间也接待了一些来自北美市 场的客户，但她真正的业务重心其实早已布局在亚非拉等新兴市场，提前将"鸡蛋"放在了多 个"篮子"里。这种分散化布局，使得她的生意对单一市场波动的敏感度大幅降低。 2024年，义乌对'一带一路'国家进出口占比达61.8%，中东、拉美、非洲订单同比增长25%。杨 舒霞相信，世界市场足够大，只要中国制造的质价比优势仍在，就能找到新的市场。 全球贸易格局剧烈震荡的 2025 年，在义乌这座"世界超市"中，7.5万个商铺如棋盘般密布，20 万商贾在此运筹帷幄， ...

Core Viewpoint - The rapid growth of cross-border e-commerce is facing significant challenges due to changing policies and market dynamics, leading to a shift from a focus on low prices to a need for brand differentiation and operational resilience [1][2][9]. Group 1: Market Dynamics - Over the past two years, platforms like TEMU have disrupted the cross-border e-commerce landscape, leading to a decline in sales for many individual sellers who previously thrived on low-cost models [1][2]. - The cancellation of the "low-value exemption" policy by the U.S. in April 2025 has severely impacted Chinese cross-border e-commerce players, particularly those relying on direct shipping models [5][6][8]. - The introduction of new tariffs has forced platforms to adapt their business models, with many transitioning from full-service to semi-managed or local fulfillment strategies to maintain competitiveness [8][9][30]. Group 2: Regulatory Environment - Regulatory scrutiny has increased globally, with platforms like SHEIN and TEMU being designated as "super large online platforms" under the EU's Digital Services Act, indicating a tightening of oversight [4]. - In Southeast Asia, countries like Thailand and Indonesia have taken measures to ensure compliance from Chinese e-commerce platforms, reflecting a growing wariness of foreign competition [5][6]. Group 3: Competitive Landscape - The competitive landscape is intensifying, with major players like SHEIN and TikTok Shop also adopting new strategies to counter the rise of TEMU, which has quickly gained market share [20][22]. - TEMU's "full-service model" has attracted many sellers by minimizing entry barriers, but this has also led to concerns about sellers losing pricing power and market influence [22][24]. Group 4: Future Outlook - The cross-border e-commerce sector is expected to undergo a significant transformation, with a shift towards profitability and value-driven strategies rather than solely competing on price [32]. - The recent tariff adjustments have created a temporary window for increased shipping activity, as businesses rush to capitalize on lower costs before the next policy changes [27][28]. - The future of cross-border e-commerce will likely see a greater emphasis on brand building and product quality, as companies adapt to a more challenging regulatory and competitive environment [32].

编辑丨周智宇 图源丨Midjourney 过去十年，跨境电商草莽掘金，一夜暴富的神话，正在迅速退潮。 来源丨全天候科技（ID： iawtmt ） 作者丨 黄昱 王策（化名），一位在跨境浪潮中摸爬滚打了近八年的舵手，曾经动辄爆单、利润丰厚，日赚斗金， 然而如今他的店销量仅能勉强维持在高峰期的三分之一，全球开店的浪漫想象也已被现实的骨感击 碎。 过去两年多，TEMU携大量拼多多商家汹涌出海，分食了原本偏小众的跨境电商生意，美国在2025年 4月悍然取消中国商品的 "小额免税" 政策，又成为最后一根稻草，随后关税飙升，让那些高度依赖直 邮小包模式的中国玩家遭遇直接冲击。 不仅是个体商家，以TEMU为代表的跨境平台，也被迫从过去依赖免税小单、极致低价和高效供应 链，为海外消费者营造"像亿万富翁一样购物"的幻梦中惊醒。 随后的中美经贸会谈带来喘息之机，但政策的钟摆效应远未平息——欧盟对入境小包裹拟征费用的传 闻旋即又起。这清晰地昭示着，不确定性，已是跨境电商必须时刻面对的新常态。 对于高度依赖政策红利的跨境玩家而言，每一次风向变动，都挤压着本已微薄的利润空间，挑战着他 们的生存底线。 这不再是一个单凭勇气和低价就能制胜 ...

作者黄昱 编辑周智宇 过去十年，跨境电商草莽掘金，一夜暴富的神话，正在迅速退潮。 王策（化名），一位在跨境浪潮中摸爬滚打了近八年的舵手，曾经动辄爆单、利润丰厚，日赚斗金，然而如今他的店销量仅能勉强维持在高峰期的三分之一， 全球开店的浪漫想象也已被现实的骨感击碎。 过去两年多，TEMU携大量拼多多商家汹涌出海，分食了原本偏小众的跨境电商生意，美国在2025年4月悍然取消中国商品的 "小额免税" 政策，又成为最后一 根稻草， 随后关税飙升，让那些高度依赖直邮小包模式的中国玩家遭遇直接冲击。 不仅是个体商家，以TEMU为代表的跨境平台，也被迫从过去依赖免税小单、极致低价和高效供应链，为海外消费者营造"像亿万富翁一样购物"的幻梦中惊 醒。 随后的中美经贸会谈带来喘息之机，但政策的钟摆效应远未平息——欧盟对入境小包裹拟征费用的传闻旋即又起。这清晰地昭示着，不确定性，已是跨境电商 必须时刻面对的新常态。 对于高度依赖政策红利的跨境玩家而言，每一次风向变动，都挤压着本已微薄的利润空间，挑战着他们的生存底线。 这不再是一个单凭勇气和低价就能制胜的时代，那些躺着赚钱的日子，无疑画上了句号。 王策和TEMU也在行动。从不惜一切代 ...

Core Viewpoint - The rapid growth and profitability of cross-border e-commerce, particularly for Chinese platforms like TEMU, SHEIN, and TikTok Shop, is facing significant challenges due to changing regulations and increased tariffs, leading to a new era of competition and survival strategies in the industry [1][2][11]. Group 1: Market Dynamics - The cancellation of the "low-value exemption" policy by the U.S. government has severely impacted Chinese cross-border e-commerce players, particularly those relying on direct shipping models [5][7][11]. - TEMU and other platforms are shifting from aggressive price wars to brand transformation and operational adjustments in response to the evolving market landscape [2][11]. - The cross-border e-commerce sector is experiencing a shake-up, with smaller players and those dependent on low-cost strategies likely to exit the market, while larger, more resilient companies may gain market share [33][34]. Group 2: Regulatory Environment - Regulatory scrutiny has increased globally, with platforms like SHEIN and TEMU being designated as "super large online platforms" under the EU's Digital Services Act, leading to tighter regulations [3][4]. - The U.S. has also implemented stricter customs policies, which have resulted in significant price increases for goods sold through platforms like Amazon and TEMU [8][9]. Group 3: Business Model Evolution - The introduction of the "full management model" by TEMU has attracted many merchants by reducing entry barriers, but it has also led to concerns about merchants losing pricing power and autonomy [25][28]. - A shift towards a "semi-management model" is emerging, allowing sellers more control over logistics and pricing while still benefiting from platform support [29][30]. - TEMU's recent adjustments, including the Y2 model that allows direct shipping from China to the U.S., aim to mitigate the impact of high tariffs while maintaining competitive pricing [35][36]. Group 4: Future Outlook - The cross-border e-commerce landscape is expected to transition from a focus on aggressive growth to a more sustainable, profit-oriented approach, emphasizing product quality and brand value [37][38]. - Companies must enhance their research and development efforts and shift from low-cost exports to high-value branding strategies to thrive in the new regulatory environment [38].

Core Viewpoint - Temu, a cross-border e-commerce platform under Pinduoduo, will cease direct sales of goods imported from China to U.S. customers, shifting to local sellers for U.S. market sales [1][3] Group 1: Business Model Changes - Temu will no longer allow U.S. consumers to purchase directly from China, instead offering products stored in U.S. warehouses [1] - The new model eliminates additional import duties and customs fees, helping Temu maintain competitive pricing [1][3] - Temu is actively recruiting U.S. local sellers to enhance its platform and expand business reach [1][3] Group 2: Regulatory Impact - The change was prompted by a new policy from U.S. Customs and Border Protection (CBP) that ended the duty exemption for small packages from mainland China and Hong Kong, effective May 2 [1][3] - All goods imported from China must now go through formal customs procedures and pay full duties, with tariffs potentially reaching up to 145% [3] Group 3: Operational Adjustments - To ensure sufficient local inventory, Temu is accelerating the recruitment of U.S. sellers and has expanded its warehouse coverage from 15 to 40 cities [3][4] - Temu is investing in local operations by hiring talent from major U.S. e-commerce companies, offering salaries 40%-60% higher to attract executives [4] Group 4: Financial Performance and Market Pressure - Pinduoduo's revenue growth is slowing, with Q4 2024 revenue reported at 110.61 billion yuan, a 24% year-over-year increase, below market expectations [5] - Temu is projected to contribute over half of Pinduoduo's nearly 200 billion yuan commission revenue in 2024, but it is still unprofitable, with losses estimated at around $3.5 billion [5] - In response to market pressures, Temu significantly reduced its advertising spending in the U.S. in April, indicating a strategy to lower costs [5] Group 5: Industry Trends - Similar to Temu, SHEIN has announced price increases to cope with the new tariff pressures and is shifting production from China to other countries to avoid high tariffs [6] - The cross-border e-commerce sector is entering a more complex and competitive phase due to increased tariffs and the cancellation of duty exemptions, necessitating a balance between price competition and compliance costs [6]

「出海进行时」 是创业邦推出的原创报道栏目，旨在挖掘中国创业公司出海的故事。以独特视角和深 度报道，展现中国企业在全球市场的拼搏与创新。 作者丨赵晓晓 编辑丨关雎 图源丨Midjourney 敦煌网（DHgate）的热度在逐渐消减。 敦煌网是关税战中迅速翻红的一家公司。4月12日开始，原本在美区App Store免费应用排行榜总榜中，排 名在300开外的敦煌网，排名开始直线拉升，15日升到总榜第二，购物类榜单第一。 在这个位置保持了近一周后，其排名开始下滑。4月24日，在总榜排名下滑到第72，购物类榜单在第8。 一周的时间不长，但能比较准确反应出一个快速起量的App的粘性。 到5月1日，敦煌网已经不在总榜前200内，购物类榜单则排在了第26。 创始人王树彤的职业经历很丰富。她毕业于北京邮电大学，第一份工作是在清华当老师，后加入微软成 为其在中国区最年轻高管。后又加入美国思科，是当时亚太区唯一女性高管。最后一段经历是和雷军一 起创办卓越网，并一度成为中国最大的B2C网站，后被亚马逊收购。 过去5年，敦煌网极少再被业内提起，直到2021年向港交所递交招股书。如今这个上市进程已经被搁置了 4年。 开创了一个外贸时代 ...