PETALING JAYA: Malaysians spent an estimated RM707.9 billion on e-commerce platforms in 2024, accounting for 36.7% of the nation’s gross domestic product (GDP), according to Bank Muamalat Malaysia Berhad’s Chief Economist, Dr Mohd Afzanizam Abdul Rashid.
He explained that this estimate is based on 2024 data from the Department of Statistics Malaysia (DOSM), which shows a 15.4% annual growth in e-commerce spending among Malaysians.
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“This means that more than one-third of Malaysia’s GDP comes from e-commerce spending, a significant increase compared to 2015 when it was only 16.6%.
“From this RM707.9 billion, if we divide it by Malaysia’s population of 34 million in 2024, the per capita e-commerce spending is RM20,820 per year, or RM1,735 per month, which is roughly RM57.83 per day,“ he told Sinar Harian.
He noted that logically, Malaysians’ online spending was on the rise, positively impacting the country’s economic growth.
He added that this trend benefits consumers by offering more choices while also serving as a source of government revenue through the Low-Value Goods (LVG) tax, which helps strengthen Malaysia’s financial position.
“This, in turn, benefits Malaysians as the government will be able to provide more financial assistance.
“However, it also creates intense competition for local businesses.
“To stay competitive, businesses must continuously improve product quality, develop more effective marketing strategies, and carefully manage business costs to maintain healthy profit margins,“ he said.
