As Malaysia’s eCommerce sector continues to grow due to rising user demand and sales, expectations are clear that related sales records and revenues will also increase — case in point, this key driver for the digital economy recorded RM280.5 billion (~US$) for Q3 2023. This is an increase of 5.1% year-on-year based on the RM274.6 billion (~US$) recorded revenue for Q3 2023.
When all three quarters are included, 2023 saw a revenue growth rate of 5.6% year-on-year — climbing from RM812.7 billion (~US$) to RM861.7 billion (~US$) for 2022 to 2023.
These statistics, which reinforced the notion that Malaysia’s eCommerce sector is on its never-ending pursuit of growth, are the latest insights from the Department of Statistics Malaysia (DOSM). The increase is mostly attributed to continued growth from both manufacturing and services sectors.
According to Mohd Uzir Mahidin, Chief Statistician, DOSM, the quarter-to-quarter comparison for the third quarter between 2022 and 2023 is generally positive, with the Information and Communication Technology (ICT) and eCommerce sectors being the critical drivers for Malaysia’s digital economy.
While the data from DOSM showed high positive growths, it is notable how both sectors and those related to it, like logistics, data management, cloud services, digital communications, and digital content development, have recorded high gross revenues as well.
The quarterly performance reports are as per below:
If anything, the research data from DOSM collected shows how both ICT and eCommerce sectors are not just thriving, but have now become the critical drivers of the digital economy as well.