Ecommerce sales in Southeast Asia will total $89.67 billion in 2022, an increase of $15.31 billion over last year. By next year, the region will cross the $100 billion mark, a long way from the $37.22 billion seen in 2019.

Southeast Asia’s growth stands out even more, given that most other geographies will see only moderate increases this year. The region’s 20.6% expansion in 2022 will be the highest in the world. Latin America will be the only other region that will crack the 20% threshold this year.

Only four countries in the world will produce faster growth rates than Southeast Asia’s combined figure, and two of them—the Philippines and Indonesia—are in the region.

Five countries within the region—the Philippines, Indonesia, Vietnam, Malaysia, and Thailand—will rank among the top 10 markets measured by retail ecommerce sales growth.

Next year, ecommerce sales growth throughout much of Southeast Asia will fall in the same way it will descend in 2022 for everyone else. That inevitable decline will still leave the region with a standout growth rate of 14.0% in 2023, but it will no longer lead the world. We project Latin America will reclaim its crown in 2023 at 16.1%.