Türkiye, Indonesia, Malaysia among top 20 halal economy exporters

ISTANBUL (AA) – Türkiye, Indonesia and Malaysia are among the world’s top 20 halal economy exporters, according to the 2022 Annual OIC Halal Economy Report, released by the Organization of Islamic Countries.

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).

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,” said the report, prepared by US-based market research and advisory firm DinarStandard.

Türkiye, Saudi Arabia, Indonesia top 3 markets in Islamic higher education

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.”

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.”

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

Muslim bloc spent $141 billion on media and recreation

While the Islamic finance assets amounted to $3.32 trillion in 2020, the report said the OIC members made up six of the top 10 global markets for Muslim consumers spending on media and recreation last year.

Muslim consumers from the OIC countries spent an estimated $141 billion on media and recreation, which is expected to reach $211 billion by 2026, it said.

The report recommends the OIC member states 20 actionable strategies to explore and implement, including national economic resilience building, intra-OIC/south-south cooperation, halal economy promotion and awareness, investment attraction and facilitation, and research and innovation with a focus on emerging technologies and capacity building.