Türkiye, Indonesia and Malaysia Among Top 20 Halal Economy Exporters

JAKARTADAILY.ID – Türkiye, along with Indonesia and Malaysia and become the world's top 20 halal economy exporters, according to a report released Tuesday by the intergovernmental organization.

The three states are members of the Organization of Islamic Cooperation (OIC)

The report was launched in Istanbul on the sidelines of the four-day 38th meeting of the Standing Committee for Economic and Commercial Cooperation (COMCEC), reported Anadolu Agency.

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However, the report, commissioned by the Islamic Center for Development of Trade (ICDT), said the OIC members recorded a trade deficit of $63 billion for halal products last year.

It said the exports covered food, fashion, pharmaceuticals, and cosmetics, with exports equaling $275 billion and imports totaling $338 billion.

"Only 18% of these imports were sourced intra-OIC, while only three OIC countries (Türkiye, Indonesia, and Malaysia) made it to the top 20 exporters of halal economy products," read the report, prepared by U.S.-based market research and advisory firm DinarStandard.

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ICDT Director General Latifa el Bouabdellaoui said the report aims to “inspire and empower OIC countries to act cohesively, promote inclusive growth and increase the OIC’s share in the halal trade and investments ecosystem with integrity and purpose.”

The report showed that OIC members exported apparel and footwear products amounting to $101.94 billion last year, while the Muslim bloc imported the bulk of food, pharmaceuticals and cosmetics.

Türkiye, along with Saudi Arabia and Indonesia, is among the top three markets in Islamic higher education, which the report said: “is essential to educate industry and halal supply chain players.”

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“Muslim consumers from the OIC countries spent $15 billion on tertiary education last year,” the report said.

“Driving OIC member countries’ opportunity in halal trade and investments is its halal lifestyle consumer demand ($1.7 trillion in 2021) representing 79% of the global spending ($2.1 trillion).”