HomeBusinessEconomyTurkey, Indonesia, Malaysia Among Top 20 Halal Economy Exporters

Turkey, Indonesia, Malaysia Among Top 20 Halal Economy Exporters

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Turkey is one of only three member states of the Organisation of Islamic Cooperation (OIC) that are among the world’s top 20 halal economy exporters, according to a report released Tuesday by the intergovernmental organisation.

Indonesia and Malaysia are the other two nations in the 57-member Muslim bloc that are in this category, said the 2022 Annual OIC Halal Economy Report.

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.

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

“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.

– Latifa el Bouabdellaoui

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

“Only 18 per cent of these imports were sourced intra-OIC, while only three OIC countries (Turkey, Indonesia and Malaysia) made it to the top 20 exporters of halal economy products,” said the report, prepared by US-based market research and advisory firm DinarStandard.

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 US$101.94 billion last year, while the Muslim bloc imported the bulk of food, pharmaceuticals and cosmetics.

Turkey, 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.”

Info source – Bernama

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